US fines Bank of America $1.2 billion
The US Treasury Department announced a $1.2 billion fine against Bank of America for failing to effectively combat border-related money laundering networks and illegal financial activities.
The US Treasury Department announced a $1.2 billion fine against Bank of America for failing to effectively combat border-related money laundering networks and illegal financial activities.
Bank of America was fined $1.2 billion on Tuesday over its failure to effectively identify money laundering and other suspicious customer payments. These funds flowed between the United States and countries including Russia, Belarus, and Mexico, with the fine amount close to a historical record.
On July 8, Bank of America cut its full-year average price to $4,360 and predicted that the Federal Reserve would raise interest rates three consecutive times in the second half of the year.