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Bank of America fined $1.2 billion over money laundering failures

Original: Bank of America has been fined more than US$1.2 billion for money laundering failures, the third-largest penalty in US T

Bank of America has been fined more than US$1.2 billion for money laundering failures, the third-largest penalty in US Treasury history. Regulators say the bank failed for years to report over $5 billion in suspicious transactions, more than $1 billion of which involved specific flagged activity. The penalty ranks among the largest ever imposed on a US bank for compliance breaches.

Why now: The sheer size of the fine and its place among the largest US Treasury penalties makes it major financial news.

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• Bank of America has been fined more than US$1.2 billion for money laundering failures, the third-largest penalty in US Treasury history. Regulators say that for years the bank did not report more than $5 billion in suspicious transactions. Over $1 billion of it involved… · i47i@social.i47i.cc · 1

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