Fitch says anti-money laundering rules are not materially loosening
BAC•Fitch said anti-money laundering regulation is not materially loosening despite a broader shift toward regulatory relief. It said remediation and operating constraints could pressure large banks’ medium-term profitability, but it does not view AML remediation costs as a new recurring burden for Bank of America.
1. AML regulation and banks
Fitch said anti-money laundering regulation is not materially loosening despite a broader shift toward regulatory relief. Remediation and operating constraints imposed on large banks due to AML actions could pressure medium-term profitability, while deficiencies, enforcement and prolonged remediation could affect credit quality if they constrain a bank’s franchise, growth or earnings.
2. Bank of America costs
Fitch does not view AML remediation costs as a new recurring cost burden for Bank of America.
