Bank of America (BAC): $1.2B Treasury penalty over anti-money-laundering failures
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Treasury hit Bank of America with about $1.21B in AML and sanctions penalties, and the bank admitted it willfully violated the Bank Secrecy Act. It expects a ~$1.2B non-deductible Q3 charge, about 17c a share. Earnings land today.
Why it matters The charge is not tax-deductible and lands in Q3 results due Oct 14. Regulators also said the bank did not make enough progress after a December 2024 cease-and-desist order, so compliance remediation stays in focus.
What we verified FinCEN assessed $1.2B, with the OCC's $750M penalty credited against it, and OFAC settled for about $11.7M over 475 apparent sanctions violations. FinCEN said BofA failed to report more than $5B of suspicious activity on time. Bank of America said the charge cuts Q3 net income by about 17 cents per share.
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