BofA Defends Compliance After $1.21B Fine
Bank of America says it has completed substantial compliance work and reshuffled staff following a $1.21 billion regulatory penalty. Executives noted the expenses are already factored into financial outlooks.
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Bank of America reshuffled 1,000 employees and made technology investments following a $1.21 billion fine from United States regulators over anti-money laundering failures, executives said on Wednesday morning. The Treasury Department and the Office of the Comptroller of the Currency penalized the lender on Tuesday after uncovering widespread transaction monitoring deficiencies. The regulatory action forces the second-largest U.S. lender to hire an independent reviewer, increasing operational pressures across the financial sector.
