1 in 3 Americans earning over $500K a year say they're living paycheck to paycheck

Bank of America has been hit with $1.2 billion in penalties after US authorities found major failures in its efforts to detect and report suspicious financial activity. The US Treasury said the bank failed to report more than $5 billion in suspicious transactions, including activity potentially linked to money laundering networks and other illicit finance risks. The settlement includes a record $750 million penalty from the Office of the Comptroller of the Currency, while the bank says it is committed to addressing the issues raised by regulators. Bank of America said the $1.2 billion charge will affect its third-quarter earnings, reducing ne (Source: Daily Mail | Region: Global)