AssetID: 56087673
Headline: UNCAPTIONED: Bank of America Fined $1.21 Billion Over Money Laundering Compliance Failures
Caption: Bank of America Fined $1.21 Billion Over Money Laundering Compliance Failures. Bank of America was fined $1.21 billion for widespread failures to detect suspicious financial activity properly. US regulators said the bank failed to report more than $5 billion in suspicious transactions overall. Treasury officials said some activity involved national security risks and other priority illicit finance concerns directly. Regulators accused the bank of relying too heavily on law enforcement instead of internal compliance controls. Bank of America must hire an independent reviewer to examine past transactions and report missed activity. The bank said the penalty will reduce third-quarter net income by about 17 cents per share. Shares fell after-hours as investors worried about higher costs and pressure on the bank's share buybacks. Regulators also cited sanctions violations involving payments linked to countries including Russia and Iran during processing. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Bank of America,$1.21 billion fine,money laundering,financial compliance,suspicious transactions,$5 billion,US regulators,Treasury Department,national security risks,illicit finance,independent reviewer,third-quarter earnings,share buybacks,sanctions violations,Russia,Iran
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