Regulators fined Bank of America (BAC) more than $1.2 billion on Tuesday over widespread failures in the banking giant's safeguards against money laundering and other illicit financial activity. The Treasury Department said the nation's second-largest bank failed to properly monitor trillions of dollars in transactions and to report more than $5 billion in suspicious activity, including transactions potentially tied to Chinese money-laundering networks, narcotics trafficking, and fraud. https://finance.yahoo.com/markets/article/bank-of-america-hit-with-12-billion-penalty-over-money-laundering-failures-201623796.html
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CoderDonna @coderdonna · 9dEdited
Yikes. Why would a bank participate in activities like this? Nobody ever gets away with it. Must be specific people? Or is this institution-wide? Duh, I'll go read the article! Okay, read the article. Sounds like institution-wide decisions but I can't fathom why.
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