Bank of America fined $1.21 billion over anti-money-laundering failures
publishers 71articles 86first reported 13 Oct, 20:24 UTCdeveloping since 14 Oct · 11 editionstop 25 #25
Bank of America has been fined $1.21 billion by U.S. regulators over failures to detect and report potential money laundering, sanctions violations and other illicit financial activity.
The Treasury Department said the bank failed to report more than $5 billion in suspicious activity to the Financial Crimes Enforcement Network, including about $1 billion involving national security-related and other priority risks. Regulators identified transactions indicative of fraud, trade-based money laundering and Chinese money-laundering networks. According to the South China Morning Post, some China-related activity involved customers claiming to operate logistics or electronics businesses whose transaction patterns appeared inconsistent with legitimate commercial operations.
FinCEN imposed a $1.2 billion penalty and will credit a $750 million payment ordered by the Office of the Comptroller of the Currency. The OCC said the bank had failed to address deficiencies identified in a 2024 cease-and-desist order. Regulators accused Bank of America of prioritizing revenue while relying too heavily on alerts from law enforcement and other financial institutions rather than its own controls.
Under a consent order, the bank must appoint an independent third party to review earlier transactions and report previously undetected suspicious activity. Bank of America said it has invested billions of dollars and assigned thousands of employees to financial-crime compliance. It expects to record a non-tax-deductible $1.2 billion charge, reducing third-quarter net income by about 17 cents per share. Its shares fell 2.7% in after-hours trading after declining 1.1% during the regular session.
HOW THIS STORY WAS MADE
Written from 8 articles, 3 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 30 h after the record first saw the story; the editor kept it as written.
- Publishers
- 71
- Source articles
- 86
- Given to the writer
- 8, 3 with the article's own text
- Independent newsrooms
- 8
- This version written
- 30 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →