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American multinational banking and financial services corporation
The Bank of America Corporation is an American multinational bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was formed by the merger of NationsBank and the legacy corporation of Bank of America in 1998. It is the second-largest banking institution in the United States by consolidated assets, after JPMorgan Chase. It is also the second-largest bank in the world by market capitalization, after JPMorgan Chase.
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The second-largest US bank faces record penalties for failing to comply with money laundering and sanctions laws.
US federal authorities have fined Bank of America over US$1.2bn for violations of financial crime laws, accusing the lender of handling billions of dollars in transactions potentially linked to trade-based money laundering, fraud and sanctions. The Financial Crimes Enforcement Network (FinCEN) announced today it had…
Bank of America has been fined $1.2bn (£910m) for failing to detect potential money laundering and other illegal activity, the US Treasury Department said on Tuesday. The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks,…