Bank of America hit with $1.2 billion fine for overlooking money laundering

Bank of America on Tuesday was fined $1.2 billion for overlooking money laundering and other customer transactions between the United States and countries that included Mexico, Russia and Belarus.Read more trending news Federal regulators said that Bank of America, the second-largest bank in the United States, failed for years to report more than $5 billion in suspicious transactions, CNBC reported.According to a news release from the Treasury Department, the penalty was the third-largest ever levied by the agency.More than $1 billion of the unreported transactions included Chinese money laundering networks and activity tied to the Southwest border of the U.S., the release stated.Today, the U.S. Department of the Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America for violations of anti-money laundering and sanctions laws. These actions represent the third-largest penalty in Treasury history and the largest in @USOCC history. ht