✉news BusinessBusiness first seen 4 d ago, last 4 d ago, peak #30
Treasury fines Bank of America $1.2 billion over laundering failures
Original: The Treasury just fined BofA $1.2 billion, saying it didn't report Chinese money laundering networks
The US Treasury has fined Bank of America $1.2 billion, alleging the bank failed to report money laundering networks tied to Chinese actors. The penalty is one of the larger enforcement actions against a major US bank over anti-money-laundering compliance failures and is likely to renew scrutiny of how large lenders monitor suspicious transactions and meet federal reporting obligations.
Why now: A major US bank has just been hit with a multibillion-dollar-scale penalty over money laundering compliance, a story with broad financial and regulatory implications.
Bank of AmericaUS Treasury DepartmentChina
Evidence
- The Treasury just fined BofA $1.2 billion, saying it didn't report Chinese money laundering networks · Business Insider
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