Regulators Fine Bank of America $1.2 Billion Over Monitoring Failures
Regulators found the bank had inadequate systems to monitor and report possible financial crimes, including money laundering and suspicious activity.
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UPDATE 1 — BofA fined $1.2 billion by US government for failing to police suspicious activity
(Adds details and context, Treasury statement in paragraph 3, BofA statement in paragraph 4, adds bullet points) Treasury says bank failed to report more than $5 billion in suspicious activity OCC levies record $750 million civil penalty tied to 2024 cease-and-desist order BofA says third-quarter results will include a