Bank of America penalty exposes failures in compliance controls

Bank of America’s $1.2 billion anti-money laundering charge has intensified scrutiny of outdated compliance systems after US regulators identified extensive failures to detect and report suspicious transactions. The penalty, disclosed alongside the bank’s third-quarter results on October 14, reduced earnings by 17 cents a share and highlighted the financial consequences of weaknesses that regulators said persisted despite earlier warnings and corrective commitments. The bank reported quarterly net […] The article Bank of America penalty exposes failures in compliance controls appeared first on Arabian Post.