US Treasury: Bank of America Failed to Report $5B in Suspicious Deals

The United States Department of the Treasury imposed a fine of more than $1.21 billion on Bank of America, news outlets Bangkok Post and Arutz 7 reported. The financial penalty follows violations of anti-money laundering regulations and economic sanctions rules.

According to the Treasury announcement reported by Arutz 7, the bank failed to report suspicious transactions totaling more than $5 billion in a timely manner. The reports further noted that some of the unmonitored financial activity may have been linked to national security threats facing the United States.

Further details have not yet been released.