Bank of America fined $1.21 billion as regulators cite failures involving $5 billion in suspicious activity: What went wrong?
Bank of America faces a $1.21 billion US fine over failures to report suspicious transactions, with the penalty expected to hurt quarterly earnings.
US regulators have fined Bank of America $1.21 billion for failing to detect and report suspicious financial activity, including $5 billion in transactions. The US Treasury Department cited the bank's overreliance on external information sources and its prioritization of revenue over compliance in its decision. The bank must now appoint an independent auditor to review past transactions, identify undetected suspicious activity, and report it to FinCEN.
The penalty is among the largest in the Treasury's history and is expected to impact Bank of America's third-quarter earnings.
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