Bank of America has been fined US$1.21 billion by US regulators for failings in its anti-money laundering and sanctions compliance programs. The penalties stem from the bank’s failure to report hundreds of millions of dollars in suspicious transactions linked to potential Chinese money-laundering networks. US authorities, specifically the Financial Crimes Enforcement Network (FinCEN), identified issues including large wire transfers to entities in China and unusual credit-card activity at major retailers. These transactions raised red flags indicating potential illicit financial activity that Bank of America did not adequately address. The regulator stated that the bank’s shortcomings allowed illegal funds to move through the US financial system. This settlement underscores the importance of robust compliance measures for financial institutions regarding international transactions and potential money laundering schemes involving China. The fines reflect a broader crackdown on financial crime and a commitment to preventing the use of the US banking system for illegal purposes.