Business · 2 hours ago
Bank of America Fined $1.2bn Over Money Laundering Failures
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The US Treasury has fined Bank of America $1.2bn, saying the lender failed to report more than $5bn in suspicious transactions, including about $1bn linked to national security risks and possible Chinese money laundering networks. It is among the largest penalties the department has ever issued. The bank says it is fixing its controls and will book the charge in its third-quarter results due Wednesday.
Reported by BBC · How we write briefs