Bank of America hit with $1.2bn fine for money laundering failings

Bank of America has been fined $1.2bn (£910m) for failing to detect potential money laundering and other illegal activity, the US Treasury Department said on Tuesday. The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks, the Treasury said. Those failures included not flagging transactions that possibly involved Chinese money laundering networks or trade-based laundering "with a substantial nexus to the southwest border", according to the Treasury. "Our team is far along with and committed to completing the work required to address the issues raised by our regulators," Bank of America told the BBC.