Bank of America fined $1.2bn by US authorities over money laundering failings
Summary
The U.S. Treasury Department is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws, The Independent reported on Tuesday 13 October, and the Financial Times said the bank failed to flag $5bn in suspicious transactions linked to suspected illicit finance from China and the southern US border. The bank inadequately flagged transactions linked to potential Chinese money laundering networks, the Treasury said, according to BBC News, and Euronews said the bank also settled alleged sanctions violations involving Iran and Russia.
Latest: BBC News said the bank inadequately flagged transactions linked to potential Chinese money laundering networks, according to the Treasury, and Euronews said the bank also settled alleged sanctions violations involving Iran and Russia.
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How it unfolded
Wednesday 14 October
BBC News said the bank inadequately flagged transactions linked to potential Chinese money laundering networks, according to the Treasury, and Euronews said the bank also settled alleged sanctions violations involving Iran and Russia.
Tuesday 13 October
The US Treasury said it is imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws, and the Financial Times said the bank failed to flag $5bn in suspicious transactions.