Bank of America Fined for AML Violations

The U.S. regulatory authorities imposed a record fine on Bank of America exceeding $1.21 billion due to violations related to money laundering and sanctions breaches. This includes a $750 million civil penalty from the Office of the Comptroller of the Currency and 475 violations linked to sanctions programs concerning Russia and Iran. The bank outsourced a significant portion of its compliance responsibilities to third parties and delayed its immediate responses upon detecting suspicious activities, despite substantial investments in financial crime prevention technology. These measures come as part of ongoing efforts by American authorities to tighten oversight of financial institutions. As a result, the bank's shares dropped by 2.5%, and the company plans to cover fines amounting to $1.2 billion, which will impact third-quarter profits, with an expected net profit decrease of about 17 cents per share.

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