U.S. Government Fines Bank of America Over $1.2 Billion for Suspicious Transactions

The U.S. government has imposed a fine of over $1.2 billion on Bank of America. The Treasury Department stated that the bank failed to alert authorities to more than $5 billion in suspicious transactions, some of which may have involved Chinese money laundering groups. Bank of America admitted to violating a law requiring banks to monitor and report potential money laundering and was also accused of breaching sanctions against Iran and Russia.