Treasury Fines Bank of America Over 1.2 Billion Dollars for Anti-Money Laundering Failures
„Když banka této velikosti neplní povinnosti v oblasti boje proti praní peněz a dodržování sankcí, důsledky daleko přesahují její vlastní zdi,“ stated U.S. Treasury Scott Bessent, as it was reported that Bank of America was hit with a 1,21 miliardy dolarů penalty for failing to report billions in suspicious transactions. The regulatory enforcement action targets severe deficiencies in the institution’s anti-money laundering controls and foreign correspondent account monitoring.”
U.S. Treasury Penalties and Unreported Transactions
The United States Department of Finance imposed penalties totaling over 1,21 miliardy dolarů, equivalent to more than 26 miliard Kč, after discovering that the bank omitted mandatory reports on suspicious financial activities. The institution failed to notify authorities about suspicious financial transactions valued at over 5 miliard USD. It was noted that transactions amounting to approximately miliardu dolarů, or 21,8 miliardy korun, carried a direct risk of illegal financing and posed a threat to national security. The bank specifically violated multiple sanctions programs, including those concerning Iran, Russia, narcotics trafficking, and global terrorism. In a formal agreement with regulatory authorities, Bank of America admitted to knowingly violating the Bank Secrecy Act by neglecting proper foreign correspondent account checks and failing to file mandatory suspicious activity reports.
Financial Impact on Third-Quarter Earnings
The penalty arrived alongside the bank’s third-quarter financial results, which showed a sharp drop in net income to 6,9 miliardy USD, or 0,91 USD na akcii, compared to 8,3 miliardy USD a year prior. Overall revenue reached 30,0 miliardy USD, missing the average analyst estimate of 30,7 miliardy USD. The 1,2 miliardy USD regulatory cost reduced the company’s earnings per share by 17 centů. Trading revenue also fell by 5 percent to 5,1 miliardy USD, missing the projected 5,41 miliardy USD. Bond, currency, and commodity trading dropped between 11 and 17 percent to 2,55 miliardy USD, while equity trading declined by 4,5 percent to 2,51 miliardy USD. Despite these pressures, credit quality remained resilient as credit loss reserves hit 1,27 miliardy USD, which was lower than the expected 1,49 miliardy USD.
Mandatory Corrective Action and External Oversight
As part of the settlement, the lender is now subject to a binding corrective action mandate that requires cooperation with an external monitor to oversee transaction controls. This oversight underscores intensifying regulatory scrutiny directed at chief executive officer Brian Moynihan and internal compliance oversight. Bank of America is headquartered in Charlotte, North Carolina, and operates as the second-largest bank in the United States by assets behind JPMorgan Chase, managing 3,4 bilionu dolarů in assets at the close of last year while serving 69 milion retail and small business clients across more than 35 countries. Representatives for the company stated that internal teams have already progressed significantly on remediation requirements demanded by regulators and remain fully committed to completing the overhaul.
