The Treasury just fined BofA $1.2 billion, saying it didn't report Chinese money laundering networks
Source: Business Insider ·
A BofA spokesperson said the fine would impact the bank's coming quarterly earnings.
From the source
The Treasury has fined the Bank of America more than $1.2 billion.Nicolò Campo/LightRocket via Getty ImagesThe Treasury Department has imposed a fine of more than $1.2 billion on the Bank of America.It said BofA failed to report suspicious transactions tied to Chinese money-laundering networks.A BofA spokesperson said the fine would impact the bank's coming quarterly earnings.The US Treasury Department said it is imposing more than $1.2 billion in penalties against Bank of America.The Treasury said in a Tuesday news release that the bank — the country's second-largest — failed to report over $5 billion in suspicious transactions to the Financial Crimes Enforcement Network. This included Chinese money-laundering networks along the US's southwestern border.It added that the bank had also violated several sanctions programs, "including on Iran, Russia, narcotics, and global terrorism."The Treasury did not provide details of when these missteps occurred. Its release said the fine was the…