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The US Treasury Department has imposed a more than $1.2 billion fine on Bank of America, accusing it of violating anti-money laundering and sanctions laws.
Bank of America shares fell Wednesday after the company posted weaker-than-expected trading revenue and the impact of a $1.2 billion Treasury fine.
Bank of America (NYSE: BAC) has been fined US$1.2b for anti money laundering and sanctions compliance failures. Multiple U.S. agencies cited what they called significant and willful violations across Bank of America’s transaction monitoring and screening systems. Regulators said the issues involved long running…