Bank of America admitted on Tuesday that it deliberately broke US anti-money laundering law after the Financial Crimes Enforcement Network (FinCEN) imposed a $1.2 billion (£895 million) penalty for failing to report suspicious transactions linked to Chinese laundering networks and border-related illicit finance.
The Financial Crimes Enforcement Network (FinCEN) said the bank failed to report more than $5 billion (£3.7 billion) in suspicious transactions on time. Over $1 billion (about £746 million) of that activity touched priority national-security risks, including Chinese money laundering networks and illicit finance along the US southwest border.
