Bank of America, 2nd-largest bank in US, fined $1.2 billion over money laundering failures

Bank of America has been fined $1.2 billion for failing to detect potential money laundering and other illegal activities, US Treasury Department said. The US' second-largest bank allegedly failed to report over $5 billion in suspicious transactions, including $1 billion linked to national security risks. The failures included not flagging transactions involving Chinese money laundering networks.