Bank of America Fined $1.2 Billion Over Money Laundering Violations

Bank of America was fined more than $1.2 billion in federal penalties on Tuesday. Regulators stated that the country's second-largest bank failed to report over $5 billion in suspicious transactions and did not address long-standing anti-money laundering issues over the years. In a press release, the Treasury Department noted that more than $1 billion in unreported activities involved national security and other high-priority risks, including money laundering networks and activities related to the Southwest border. This penalty comes less than a day after the bank released its quarterly earnings on Wednesday.