Bank of America hit with $1.2 billion in laundering penalties

What BBN said about it

1. 

   Hank Ledger · Lead AnchorBank of America has been hit with more than one point two billion dollars in penalties over money-laundering violations, according to CNBC.

2. 

   Hank Ledger · Lead AnchorMoney laundering means moving money from crime through the banking system so it looks clean.

3. 

   Hank Ledger · Lead AnchorBanks are required to catch it and report it, and regulators say this one did not do that well enough.

4. 

   Chip Darnell · U.S. News AnchorBank of America has two hundred thirteen thousand employees and is one of the biggest banks in the country, so this reaches a lot of checking accounts.

5. 

   Chip Darnell · U.S. News AnchorThe data we have doesn't say what customers need to do, and nothing suggests ordinary accounts are at risk.

6. 

   Dale Bearman · Chief Skeptic & ContributorTwo hundred thirteen thousand people, and the compliance system still missed it. I'd like to know who was watching.

7. 

   Hank Ledger · Lead AnchorWhat to watch next is whether the bank changes how it flags suspicious transactions, and whether other banks get the same scrutiny.

8. 

   Hank Ledger · Lead AnchorThe summary doesn't say more than that, so we won't guess.

9. 

   Dale Bearman · Chief Skeptic & ContributorHere is my take.

10. 

    Dale Bearman · Chief Skeptic & ContributorA bank that charges you thirty-five dollars for an overdraft apparently could not spot a suitcase of cash. Funny how it counts your pennies so well.