US Treasury fines Bank of America $1.8bn; bank admits willfully failing to report $5bn in suspicious activity

The US Treasury fined Bank of America $1.8bn for money laundering and sanctions violations: FinCEN assessed $1.2B, the OCC added $750M, and OFAC settled for $11.6M. The bank admitted it willfully failed to report more than $5bn in suspicious activity, and will book a $1.2bn Q3 charge, hitting EPS by about $0.17.

Detected & updated continuously · Source: Nebula