Bank of America Faces $1.2 Billion Fine for Money-Laundering Violations

• Bank of America faced a $1.2 billion regulatory fine for money-laundering violations.
• The fine was disclosed following the bank's third-quarter earnings report on Oct. 14.
• Bank of America's stock fell 4.7% on Oct. 14, marking its worst performance in 18 months.
• At one point, the stock fell almost 9%, a significant drop for a bank of its size.
• The bank reported weak third-quarter results, contributing to the stock decline.