Bank of America fined $1.2 billion for money laundering failures

The U.S. Treasury fined Bank of America $1.2 billion for failing to adequately monitor and report transactions linked to Chinese money laundering networks. Regulators determined that the bank's internal controls were insufficient to flag suspicious activity within these specific financial channels. The penalty follows an investigation into the bank's compliance protocols regarding international transaction monitoring. Market participants are monitoring for potential updates on the bank's compliance remediation efforts.