US Treasury fines Bank of America more than $1.2bn for money laundering and sanctions violations

The US Treasury fined Bank of America more than $1.2bn for money laundering and sanctions violations, saying the bank failed to flag over $5bn in suspicious transactions linked to suspected Chinese money laundering networks and illicit finance. Bank of America confirmed the $1.2bn charge will hit its Q3 results, impacting net income by about $0.17 per share, and said it is committed to completing work to address issues raised by regulators.

Detected & updated continuously · Source: Nebula