WashingtonBank of America reported $5 billion in suspicious transactions late.
Penalties exceed $1.21 billion, including the third-largest in the US Treasury’s history.
The Treasury found the bank outsourced much of its detection to third parties, missing Chinese laundering networks and border illicit finance.
The bank says it is still finishing the fixes regulators require, after a further $11.6 million sanctions settlement.
How each outlet framed it
drawn from 150+ reports worldwide
- Al Jazeera Online leans critical
- links the penalty to Chinese money laundering networks and southwest border illicit finance, and quotes the bank outsourcing detection duties to third parties
Sources: Al Jazeera Online