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US govt hits BofA with $1.2 billion fine over money laundering violations
The US Treasury Department said Tuesday that it's imposing USD 1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. The fines on America's second-biggest bank amount to the third-largest in the department's history. "When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks," Treasury…
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