Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearing The nation’s second-largest bank was hit with the hefty penalties Tuesday for failing to timely report more than $5 billion in suspicious activity, including Chinese money laundering networks, according to the Treasury Department. Key points and original sources are listed below.

• Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearingS1

• The nation’s second-largest bank was hit with the hefty penalties Tuesday for failing to timely report more than $5 billion in suspicious activity, including Chinese money laundering networks, according to the Treasury Department.S2

• Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearing signs of Chinese money-laundering networks, US regulators said on Tuesday, announcing more than US$1.21 billion in penalti...S3