BANK OF AMERICA NOW CALLED "BANK OF UN~AMERICA" , $1.2 BILLION FINE
Massive Hit: Bank of America Slapped With $1.2 Billion Federal Fine Over Suspicious Transactions When it comes to the sprawling world of corporate banking, the rules are supposed to protect the public and keep illicit money out of the financial system. But on Tuesday, federal regulators delivered a stunning blow to one of the country's biggest financial institutions, proving that even banking giants can drop the ball in a catastrophic way. The U.S. Treasury Department announced that Bank of America has been hit with more than $1.21 billion in federal penalties [1.1.1]. The massive enforcement action stems from severe, willful violations of anti-money laundering laws and the failure to properly police and report high-risk transactions [1.1.1, 1.2.1]. What Went Wrong? According to federal investigators, the banking titan failed to timely report over $5 billion in suspicious transactions [1.1.1]. Even more alarming, over $1 billion of that unmonitored money was tied directly to seri...