Bank of America fined US$1.21 billion as US flags suspected Chinese money laundering

On Tuesday, US regulators announced more than US$1.21 billion in penalties against Bank of America, the second-largest US bank.

The fine was levied after the bank failed to promptly report hundreds of millions of dollars in suspicious transactions. According to regulators, these transactions bore signs of Chinese money-laundering networks.

The enforcement action highlights regulatory scrutiny over financial institutions' compliance with anti-money laundering protocols regarding suspected networks linked to China.