Bank of America hit with $1.2 billion fine for AML failures

US Treasury penalized the bank for failing to report $5 billion in suspicious transactions. The unreported activity connected to suspected illicit finance flows from China and the US-Mexico border region.

The fine targets gaps in Bank of America's anti-money laundering compliance. The enforcement action reflects ongoing regulatory scrutiny of large financial institutions' transaction monitoring controls. $1.2 billion penalty. $5 billion in flagged transactions. US Treasury Financial Crimes Enforcement Network (FinCEN) enforcement.

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