Bank of America hit with $1.2bn fine for money laundering failings
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Bank of America has been fined $1.2bn (£910m) for failing to detect potential money laundering and other illegal activity, the US Treasury Department said on Tuesday.
The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks, the Treasury said.
Those failures included not flagging transactions that possibly involved Chinese money laundering networks or trade-based laundering “with a substantial nex
The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks, the Treasury said.
Those failures included not flagging transactions that possibly involved Chinese money laundering networks or trade-based laundering “with a substantial nex
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