Bank of America fined $1.21 billion for anti-money laundering failures
BAC Bank Of America Corp
$53.96 -1.14%
View chart & analysis → - 1The Treasury announced a total fine of $1.21 billion against Bank of America for anti-money laundering failures and violations of U.S. sanctions.
- 2Bank of America failed to timely report suspicious transactions exceeding $5 billion.
- 3Bank of America stated that it will reflect $1.2 billion in non-tax deductible expenses in its third-quarter results due to this fine, which will decrease earnings per share by approximately 17 cents.
So what's the key point?
Bank of America has been fined for failing to report suspicious transactions in a timely manner. This will cause the third-quarter earnings per share to decrease by about 17 cents.
Source Yahoo Finance +15 · View original ↗
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