00:00It's Benzinga bringing Wall Street to Main Street.
00:02Bank of America faces more than $1.2 billion in federal penalties after regulators said
00:07the bank failed to report more than $5 billion in suspicious transactions and address long-standing
00:13anti-money laundering deficiencies, according to CNBC.
00:16Treasury said more than $1 billion of the unreported activity involved national security risks,
00:21including Chinese money laundering networks.
00:23The bank admitted to willfully violating federal anti-money laundering laws.
00:27Regulators also accused Bank of America of failing to correct problems identified in
00:32a 2024 enforcement order.
00:34The bank said it will record a $1.2 billion charge in its third quarter results, reducing
00:39earnings by about 17 cents per share.
00:41Shares fell approximately 2% in after-hours trading ahead of Wednesday's earnings report.
00:46For all things money, visit Benzinga.com.
