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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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Bank of America faces a $1.2bn US Treasury fine over anti-money-laundering and sanctions compliance failures. #Banking #MoneyLaundering #US
US Treasury fines Bank of America $1.2bn after it failed to report over $5bn in suspicious transactions, including potential sanctions violations.
Bank of America fine from the US Treasury hits $1.2bn for AML failures; shares dip as a parallel 'profit miss' claim remains unverified.