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Bank of America fined $1.2bn for money laundering control failures

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Bank of America has been fined $1.2 billion by U.S. regulators. The penalty addresses failures in monitoring and reporting suspicious transactions. The U.S. Treasury stated the bank inadequately flagged transactions connected to potential Chinese money laundering networks. The fine concludes a regulatory investigation into the bank's anti-money laundering compliance programs.

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Bank of America fined $1.2bn for money laundering control failures · ShortSingh