The US Department of Treasury fined Bank of America $1.2 billion The second largest bank in the US did not report suspicious transactions worth more than $5 billion to the authorities. Chinese criminal networks operating along the southwest border of the United States laundered money through the financial institution. The department found that the bank simply did not have enough trained employees to monitor suspicious transactions. In addition, the organization violated the American sanctions programs against Russia, Iran, drug trafficking and international terrorism. The fine was the third largest in the history of the US Treasury Department. No large financial institution is above the law US Treasury Secretary Scott Bassan In addition to paying the fine, the bank is required to hire independent third-party experts to identify missed programs and review the internal control system. Bank of America representatives have already warned that the collection will hurt the company's quarterly profit. Business Insider.