U.S. authorities fined Bank of America a total of $1.21 billion after it failed to report more than $5 billion in suspicious transactions over many years and did not fix long-running gaps in its anti-money laundering controls. The Treasury said over $1 billion of the unreported transactions involved national security and high-priority risks, and a separate $11.6 million settlement relates to violations of sanctions. BofA admitted willfully violating the Bank Secrecy Act by lacking a compliant anti-money laundering program, skipping required due diligence on foreign correspondent accounts and not filing suspicious activity reports; regulators said it prioritized revenue over compliance and relied too heavily on outside parties to detect suspicious activity. The Office of the Comptroller of the Currency (OCC) imposed a $750 million civil penalty, its largest ever, and BofA must hire a third party to review undetected suspicious transactions. BofA said the penalty will bring a $1.2 billion non-deductible charge to its third-quarter results, reducing net income by about $0.17 per share.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Mỹ phạt Bank of America 1.21 tỷ USD vì vi phạm quy định chống rửa tiền
Read the original on Vietstock ↗
Related news
- Bank of America fined $1.2 billion over money-laundering violations
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.
- Bank of America Falls 5% as $1.2B Money Laundering Penalty Drives Earnings Miss; JPMorgan Chase and Wells Fargo Hold Steady
Bank of America stock fell 5% to $51 in morning trading after its third-quarter 2026 results missed expectations for revenue and adjusted earnings. The main cause was a $1.2 billion money laundering penalty imposed by the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network, which cited weaknesses in Bank Secrecy Act, anti-money laundering and sanctions safeguards and concluded the bank had effectively outsourced its compliance obligations. Adjusted EPS was $1.08 against a $1.10 consensus, and revenue was $29.96 billion against a $30.58 billion estimate, while the non-tax-deductible penalty cut GAAP EPS by $0.17. The charge also ended a streak of six consecutive quarterly beats. Meanwhile, net interest income rose 8% to $16.45 billion and average loans grew 6% to $1.23 trillion, but investment banking fees fell 11% and fixed income, currencies and commodities trading revenue dropped 17%.
- Bank of America adds a profit miss to the misery of a $1.2 billion government fine
- Stock Market Today, Oct. 13: Bank of America Dips After $1.2 Billion Fine From Treasury Department
Bank of America (BAC) closed at $53.96, down 1.14%, after the U.S. Treasury Department hit the bank with a $1.2 billion fine for anti-money-laundering and sanctions violations, with the bank allegedly failing to report over $5 billion in suspicious payments for years. The penalty is the third-largest in Treasury history, and the bank expects to take a $1.2 billion charge in its third-quarter results, cutting EPS by $0.17. Investors are awaiting Wednesday's earnings release, and the author argues the fine is not yet panic-worthy for a bank with a $350 billion market cap. In the same session, the S&P 500 closed at 7,805 (down 0.02%), the Nasdaq Composite at 27,204 (down 0.15%), JPMorgan fell 0.86% and Wells Fargo fell 3.08%.
- RBI eases confusion over 20 % forex reserve rule , but banks must still park cash with central bank
- Police urge owners of vehicles with the following license plates to promptly pay traffic camera fines under Decree 168
The Traffic Police Department of Ho Chi Minh City Police published a list of over 60 motorbikes caught riding against traffic and fined through camera enforcement. On the morning of 30 September, in just under 10 minutes, the Hàng Xanh traffic police unit recorded 67 wrong-way violations on Phan Văn Trị street in Gò Vấp ward and sent notices to the vehicle owners. Under Decree 168/2024/NĐ-CP, motorbike riders going against one-way traffic or where a no wrong-way sign is posted face fines of VND 4–6 million and a deduction of 2 driving licence points. If such a violation causes a traffic accident, the fine rises to VND 10–14 million and 10 points are deducted. Violators remain liable even if they are not stopped on the spot, so vehicle owners are urged to pay their fines promptly.
Related markets
Latest news
- FinFET Technology - Global Strategic Business Report Just Released: AI and Data Centers Push FinFET Chip Market Toward $97 Billion
According to Research and Markets, the global FinFET technology market was valued at $38.5 billion in 2024 and is projected to reach $97.1 billion by 2030, growing at a compound annual growth rate of 16.7%. Demand for high-performance, energy-efficient chips across consumer electronics, data centers, automotive, AI and IoT is driving growth. The CPU segment is forecast to reach $36.6 billion by 2030, while China is the fastest-growing market, with an 18% CAGR and $20.8 billion by 2030. The report also assesses the impact of tariffs on semiconductor supply chains and profiles companies including TSMC, Samsung, Intel and NVIDIA.
- The sorrow of Europe's “big brother” economy: Bonds keep selling off heavily after a “turbulent weekend”
French 10-year government bond yields rose 0.14 percentage points to 4.93% after a turbulent weekend, while the spread over German bonds returned to 1.47 percentage points. Nationwide protests over rising living costs and student education conditions turned into widespread rioting and looting; the government said at least 3,000 shops and businesses were looted, and the French retail federation estimated damages could reach “several hundred million euros.” More than 2,500 people are under formal investigation, 67 of them detained, and several cities have imposed curfews. President Macron rejected Interior Minister Laurent Nuñez’s resignation offer, even though Nuñez admitted police were deployed too thinly for protests of over 550,000 people, against an expected 200,000. Opposition politicians and the mayors of Paris and Marseille criticized the government for letting police lose control of the situation.
- President Donald Trump Claims, "We Don't Have Inflation, and Tariffs Don't Cause Inflation," but a New Report Strongly Disagrees
Although the stock market has posted strong returns under President Trump, the article argues his inflation-driving policies may be the biggest threat to the AI-driven bull market. A New York Federal Reserve report by three economists finds that by February 2026, tariffs had added 2.9 percentage points to goods price inflation, and each percentage point increase in average tariffs lifted consumer prices by about a quarter of a point after one year. Beyond tariffs, the Iran war and the ongoing closure of the Strait of Hormuz have pushed fuel prices sharply higher, with fuel oil up 74.0% and gasoline up 34.2% over the past year, while overall CPI rose 3.7%. The article warns that persistent inflation could prompt the Fed to raise rates more aggressively, slowing AI infrastructure investment and sending stocks lower.
- Bitcoin ETFs just saw their biggest day in a month thanks entirely to BlackRock
U.S. spot bitcoin ETFs took in $526.6 million on Monday, the largest daily net inflow in nearly a month, driven entirely by BlackRock's iShares Bitcoin Trust (IBIT), which pulled in $665.2 million, its biggest daily inflow since Oct. 7 last year, according to SoSoValue data. Fidelity's FBTC lost $83.6 million and Grayscale's GBTC shed $54.9 million, while the remaining funds recorded no net flows. The inflow more than erased last week's $228.5 million of withdrawals, but funds remain about $90.5 million in net outflows for October, according to CoinDesk calculations. Ether funds moved the opposite way, losing $103.3 million in their fourth consecutive session of outflows, with BlackRock's ETHA accounting for $95.4 million of that.
- A Big4 bank cut deposit rates in the morning, then raised them again in the afternoon
VietinBank cut its deposit rates for terms of 6 months and longer on the morning of Oct. 20, then restored them to pre-adjustment levels by the afternoon. Its afternoon rate board showed 3.5% per year for 6 to under 12 months, 5.9% for 12 to under 24 months and 6% for 24 months and longer, versus 3%, 5.4% and 5.5% in the morning. Rates for terms under 6 months stayed unchanged, including 2.1% for 1 to under 3 months and 2.4% for 3 to under 6 months. The move came as banks followed the State Bank of Vietnam's guidance to cut deposit rates by at least 0.5 percentage points for terms of 6 months and longer, and Vietcombank and Agribank were among those reducing rates.
- IVV vs. SPY: Which S&P 500 ETF Is the Better Buy for Long-Term Investors?
The article compares two ETFs that track the S&P 500, iShares Core S&P 500 ETF (IVV) and State Street SPDR S&P 500 ETF (SPY), which have nearly identical holdings. The main difference is the expense ratio: IVV charges 0.03% a year, one-third of SPY's 0.09%, and its distribution yield is about 1.1% versus 1% for SPY. SPY's high liquidity remains valuable for active traders. The article concludes that IVV is the better choice for long-term investors, since lower costs can compound over time.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.