Bank of America hit with $1.2B penalty over China-linked national security failures
The U.S. Department of the Treasury assessed a $1.2 billion penalty against Charlotte-based Bank of America for failing to address and report priority national security risks tied to Chinese money laundering networks, The Center Square reports.
Charlotte-headquartered Bank of America was assessed a $1.2 billion penalty by the U.S. Department of the Treasury for its failure to mitigate and report priority national security risks, including Chinese money laundering networks, according to The Center Square. The Treasury announced the penalty on Tuesday.