Bank of America Corp. is expected to pay a $200 million fine related to a sweeping U.S. probe into the use of unapproved personal devices, according to people familiar with the matter.
The company will pay an amount in line with penalties that have been levied across Wall Street banks, said the people, who asked not to be identified because they weren't authorized to speak publicly.
A representative for Bank of America declined to comment.
The bank disclosed $425 million of expenses in its second-quarter results Monday related to "certain regulatory matters."
Last week, the bank said it was fined $225 million by regulators for unfair and deceptive practices related to a prepaid card program to distribute unemployment insurance and other public-benefit payments amid the pandemic.
Finance firms are required to scrupulously monitor communications involving their business.
That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak.
