Bank of America fined US$1.21 billion as US flags suspected Chinese money laundering
Second-largest US bank failed to report hundreds of millions of dollars’ worth of transactions linked to Chinese money-laundering networks
Most of the suspected network activity involved a group of customers purporting to operate in logistics or electronics, according to a consent order. The agency said their transaction patterns were inconsistent with legitimate commercial activity for those businesses.
The China-related findings form part of a wider enforcement action against the second-largest US bank. FinCEN imposed a US$1.2 billion penalty, against which it will credit a US$750 million payment to the Office of the Comptroller of the Currency (OCC).
