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The U.S. Treasury has announced more than $1.21 billion in penalties against Bank of America over alleged anti-money laundering and sanctions violations. The department says the bank failed to timely report more than $5 billion in suspicious transactions, including over $1 billion linked to national security and other illicit-finance risks.
Authorities also cited transactions allegedly connected to Chinese money laundering networks, fraud and potential trade-based money laundering.
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