Bank of America slapped with $1.2 billion AML fine as Australian market eyes dip

The U.S. Treasury announced a $1.21 billion penalty against Bank of America for systemic shortcomings in its anti-money-laundering and sanctions compliance, including failure to file reports on more than $5 billion of suspicious activity. The package comprises a $750 million civil charge from the Office of the Comptroller of the Currency and an $11.6 million fine from the Office of Foreign Assets Control for hundreds of sanctions breaches.

Treasury Secretary Scott Bessent warned that such lapses threaten national security. Meanwhile, Australian markets were poised to open lower, with ASX SPI 200 futures down 0.3% after Wall Street closed modestly down and European indices slipped. The Australian dollar held steady, while commodity prices showed mixed moves. A NAB business confidence survey indicated sentiment well below its long-run average, adding pressure on the Reserve Bank of Australia.