Bank of America was fined more than $1.2 billion by federal regulators, who said it failed for years to report over $5 billion in suspicious transactions and to fix longstanding anti-money-laundering problems. More than $1 billion of the unreported activity involved high-priority risks, including Chinese money-laundering networks and activity tied to the southwest border. The bank admitted it willfully violated the Bank Secrecy Act, and the Office of the Comptroller of the Currency separately imposed a $750 million penalty, its largest ever, for failing to follow a 2024 cease-and-desist order. The $1.2 billion charge will reduce third-quarter net income by about 17 cents per share, and the bank must undergo a third-party review of suspicious transactions that went undetected.
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