All articles tagged with #aml fine
Bank of America reported a 17% drop in third-quarter profit to $6.93 billion, driven by a $1.2 billion penalty for anti-money laundering failures. The fine, the third-largest in U.S. Treasury history, stems from the bank's failure to report over $5 billion in suspicious transactions. Shares fell sharply, with analysts citing concerns over compliance costs and buyback sustainability.
Bank of America reported a 17% drop in third-quarter profit to $6.93 billion, driven by a $1.2 billion anti-money-laundering penalty and declines in deals and trading revenue. Excluding the fine, earnings per share would have been $1.08, but the reported figure was 91 cents. Revenue came in at $30.0 billion, slightly below estimates. The penalty, the third-largest in U.S. Treasury history, stems from the bank’s failure to report over $5 billion in suspicious transactions. CEO Brian Moynihan faces scrutiny over risk controls, while the broader banking sector reported mixed results.