Bank of America Shares Drop After $1.2 Billion Money Laundering Fine
Legal·2 articles across 2 outlets·↩ Updated
Story updated Rewritten when the story materially grows; the wire is checked every 15 minutesAbout this data
Bank of America shares fell Wednesday after the company posted weaker-than-expected trading revenue and the impact of a $1.2 billion Treasury fine. The bank was fined for failing to flag $5 billion in suspicious transactions linked to suspected illicit finance from China and the southern US border.
The fine, which is the third-largest in US Treasury history, may affect the bank's third-quarter earnings. Bank of America has been criticized for widespread failures to detect and report financial crime, leading to the significant regulatory penalty.
Bank of America
Sources
Every quote below is verbatim from the article it is attributed to.
SourceReports the news
“Bank of America shares fell Wednesday after the company posted weaker-than-expected trading revenue and the impact of a $1.2 billion Treasury fine.”
CNBC — Bank of America shares drop after third-quarter revenue miss and regulatory penalty“US bank failed to flag $5bn in suspicious transactions linked to suspected illicit finance from China and the southern US border”
FT — Bank of America fined $1.2bn over money laundering failures“Third-largest fine in US treasury’s history, due to failure to report suspicious activity, may affect third-quarter earnings”
The Guardian — Bank of America fined $1.2bn for money-laundering failures“Bank of America has been fined over $1.2 billion for violating anti-money-laundering and sanction laws.”
fast company — Bank of America stock falls in the wake of a historic $1.2 billion fine after it failed to report financial crime“The bank inadequately flagged transactions linked to potential Chinese money laundering networks, the Treasury said.”
bbc — Bank of America hit with $1.2bn fine for money laundering failings
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Bloomberg — Bank of America Slides on $1.21 Billion Fine as Chip Stocks Tumble | Closing Bell
Earlier versions
- Oct 13, 8:00 PM — Bank Of America Fined $1.2bn Over Money Laundering Failures (1/1)
- Oct 14, 11:00 AM — Bank of America Fined More Than $1.2 Billion for Money Laundering (5/5)
- Oct 14, 11:54 AM — Bank of America Posts Q3 Profit Drop Due to $1.2 Billion Treasury Fine (4/4)
- Oct 14, 2:22 PM — Bank Of America Shares Drop 8% After $1.2 Billion Regulatory Fine (5/5)
- Oct 14, 2:22 PM — Bank of America Shares Drop 8% After $1.2 Billion Regulatory Fine (4/4)