Bank of America Hit With $1,200,000,000 in Penalties After Failing To Report Over $5,000,000,000 in Suspicious Transactions

Bank of America has been hit with more than $1.2 billion in federal penalties after regulators said it failed for years to flag over $5 billion in suspicious transactions. More than $1 billion of that unreported activity involved national security and other high-priority risks, including Chinese money-laundering networks and activity tied to the southwest border, reports CNBC. As part of the settlement, the bank admitted it willfully violated the Bank Secrecy Act by failing to keep a compliant anti-money laundering program, vet foreign correspondent accounts and file suspicious activity reports, according to the Treasury Department .

Source: The Daily Hodl