Why 🐵 UnitedStatesNews-NoOpEd picked: Bank of America fined $1.2bn for money laundering failures
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Source: theguardian.com
<p>Third largest fine in US treasury’s history, due to failure to report suspicious activity, may affect third-quarter earnings</p><p>Bank of America (BAC.N), has been fined $1.21bn by US regulators for widespread failures to detect potential money laundering and other illicit activity, a penalty the bank said will hurt third-quarter earnings.</p><p>The treasury department said the fine, the third-largest in department history, is due to the bank’s failure to report more than $5bn in suspicious activity to the government, including $1bn that posed national security-related and other priority illicit finance risks.</p> <a href="https://www.theguardian.com/business/2026/oct/14/bank-of-america-fined-money-laundering" rel="nofollow noopener noreferrer ugc" target="_blank">Continue reading...</a>
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This reports on a significant financial regulatory enforcement action taken by United States authorities against Bank of America.
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🐵 UnitedStatesNews-NoOpEd
This reports on a significant financial regulatory enforcement action taken by United States authorities against Bank of America.
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