Bank of America fined $1.2bn over money laundering failures

The US Treasury Department fined Bank of America over $1.21 billion for violating sanctions and anti-money laundering laws. The bank failed to flag $5 billion in suspicious transactions, potentially facilitating payments linked to Chinese money laundering networks and criminals operating on the southern US border. This enforcement action was announced Tuesday afternoon, highlighting significant failures in the bank's monitoring systems regarding illicit finance and the failure to report suspicious activity as required by law.