Bank of America stock falls in the wake of a historic $1.2 billion fine after it failed to report financial crime
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Bank of America has been fined over $1.2 billion for violating anti-money-laundering and sanction laws.
On Tuesday, October 13, the U.S. Department of the Treasury handed down the fine, stating that Bank of America had failed to report over $5 billion in “suspicious activity” to the Financial Crimes Enforcement Network (FinCEN).
Over $1 billion of the activity was “national security-related and other priority illicit finance risks, including suspicious transactions indicative of Chinese
On Tuesday, October 13, the U.S. Department of the Treasury handed down the fine, stating that Bank of America had failed to report over $5 billion in “suspicious activity” to the Financial Crimes Enforcement Network (FinCEN).
Over $1 billion of the activity was “national security-related and other priority illicit finance risks, including suspicious transactions indicative of Chinese
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