BOA FINED $1.2B: Bank of America Slapped for Missing Chinese Money Laundering...

Bank of America faces a $1.21 billion penalty from U.S. regulators for failing to flag hundreds of millions in suspicious transactions tied to Chinese money-laundering schemes. The second-largest U.S. bank missed red flags including large wire transfers to China, bulk credit-card purchases at retailers and shipping companies, and payments to third-party cardholders with no clear business justification. Customers claiming to operate in logistics or electronics showed transaction patterns that didn't match legitimate commercial activity, according to regulators. The penalties mark the latest enforcement action against major U.S. banks for inadequate anti-money-laundering controls.