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Bank of America hit with $1.2 billion penalty
Original: bank of america fine
Bank of America has been ordered to pay roughly $1.2 billion in penalties over failures in its money laundering compliance program. The enforcement action targets shortcomings in the bank's anti-money-laundering controls. The size of the fine and questions about how such lapses persisted at one of the largest US banks are drawing widespread attention.
Why now: Regulators just announced a $1.2 billion penalty against one of the largest US banks, a major enforcement action.
Evidence
- Bank of America hit with $1.2B in penalties over money laundering compliance failures · Fox Business
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