Bank of America fined $1.2bn over failing to stop money laundering

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, the Treasury said.

Those failures included not flagging transactions that possibly involved Chinese money laundering networks or trade-based laundering "with a substantial nexus to the southwest border", according to the…