Afghanistan, Oct. 14 -- Bank of America, the second-largest bank in the United States, faces more than $1.21 billion in federal penalties after regulators found serious failures in its efforts to detect and report suspicious financial transactions, the U.S. Treasury Department said Tuesday.
The Treasury said the bank failed to report more than $5 billion in suspicious transactions to the Financial Crimes Enforcement Network (FinCEN) in a timely manner. More than $1 billion of that activity involved national security concerns and other high-priority illicit finance risks, including transactions indicative of Chinese money-laundering networks, fraud and possible trade-based money laundering linked to the U.S. southwest border.
According to ...