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Bank of America Profits Fall 17% Following $1.2 Billion Money Laundering Fine

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Bank of America Profits Fall 17% Following $1.2 Billion Money Laundering Fine

Bank of America’s profits dropped 17% during the third quarter, according to a Wednesday (Oct. 14) quarterly earnings press release, following a $1.2 billion regulatory fine over money laundering violations.

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The second-largest bank in the United States reported third-quarter earnings one day after the U.S. Treasury announced the fine for “egregious and continued” money laundering and sanctions violations. It alleged that Bank of America failed to properly report over $5 billion in suspicious transactions, PYMNTS reported Tuesday (Oct. 13).

Meanwhile, the Office of the Comptroller of the Currency assessed its largest-ever civil money penalty, $750 million, on Bank of America, calling its anti-money laundering program deficient and ineffective, per the report.

Bank of America is subject to a December 2024 cease-and-desist order, which required it to repair its deficient anti-money laundering program, but it still failed to prioritize compliance, the report said.

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“Financial crime compliance is serious, and we are responsible for getting it right,” Bank of America said in a statement to PYMNTS Tuesday.

“We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators,” the statement said.



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