US fines Bank of America US$1.2 billion, says it violated money laundering, sanctions laws

The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws. The fines on America’s second-biggest bank amount to the third-largest in the department’s history. “When a bank of this size fails to meet its anti-money-laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks,”...