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US hits Bank of America with $1.2 billion fine, saying it violated money laundering, sanctions laws

WASHINGTON (AP) — The U. S. Treasury Department said Tuesday that it’s imposing $1. 2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. The fines on America’s second-biggest bank amount to the third-largest in the department’s history. “When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire U. S. financial system to significant...

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