Bank of America fined $1.21B for failing to report over $5B in suspicious transactions
Federal regulators penalized Bank of America for delayed reporting and reliance on outside detection after more than $5 billion in suspicious activity went unreported.
Federal regulators fined Bank of America $1.21 billion after finding the bank failed to promptly report more than $5 billion in suspicious transactions and relied on others to catch what its systems missed. Regulators said the shortcomings were problems the bank had agreed to address in 2024.