Bank of America hit with $1.2bn fine for money laundering failings

The Bank of America has been fined $1.2 billion for failing to adequately flag transactions linked to potential Chinese money laundering networks, according to the U.S. Treasury.

This is the largest penalty ever imposed by the Treasury's Office of Foreign Assets Control (OFAC) for violations of its regulations.

The bank's news_score is 7, as it's a major financial penalty with global implications.