Bank of America fined $1.2bn for money laundering failures

Third largest fine in US treasury’s history, due to failure to report suspicious activity, may affect third-quarter earnings Bank of America (BAC.N), has been fined $1.21bn by US regulators for widespread failures to detect ‌potential money laundering and other illicit activity,

Third largest fine in US treasury’s history, due to failure to report suspicious activity, may affect third-quarter earnings Bank of America (BAC.N), has been fined $1.21bn by US regulators for widespread failures to detect ‌potential money laundering and other illicit activity, a penalty the bank said will hurt third-quarter earnings. The treasury department said the fine, the third-largest in department history, is due to the bank’s failure to report more than $5bn in suspicious activity to the government, including $1bn that posed national security-related and other priority illicit finance risks. Continue reading...