US fines Bank of America $1.2b for anti-money laundering violations
Finance
Business
Legal
October 14, 2026
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WASHINGTON, United States (AFP) — The United States (US) Treasury Department said Tuesday that it is imposing penalties of more than $1.2 billion on Bank of America, citing “violations of anti-money laundering and sanctions laws.”
The second-largest US bank failed to properly report more than $5 billion in “suspicious transactions,” the department said.
Some of these involved risks related to national security and other concerns, including transactions “indicative of Chinese money laundering networks” and illicit finance around the southwest US border.
Finance
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