Bank of America CEO addresses a troubling banking problem - TheStreet — SkimNews
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- Bank of America was fined $1.2 billion by the US government for failing to police suspicious activity, according to Reuters' coverage of the regulatory action.
- Bank of America's CEO addressed the compliance issues in public remarks that TheStreet framed as tackling a troubling banking problem.
Why it matters: A $1.2 billion penalty ranks among the largest recent fines against a major US bank for failing to police suspicious transactions, directly hitting Bank of America's bottom line while raising questions about its transaction-monitoring controls.
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