MarketPR
Federal financial regulators ordered Bank of America Corp. to pay more than $1.2 billion in civil penalties following widespread and systemic failures in its anti-money laundering and sanctions compliance programs.
The penalty addresses specific operational deficiencies within the bank's compliance infrastructure, marking a significant regulatory action against the lender.
The development comes as the broader market navigated a mixed session on Tuesday, where the S&P 500 ended flat while the Nasdaq 100 fell 0.3% and the Dow Jones Industrial Average slipped 0.4%.
Weakness in memory chip stocks contributed to the decline, with the Roundhill Memory ETF falling approximately 5% as China's CXMT announced plans to release a new, more powerful chip by year-end.
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