Bank Of America Settles Money Laundering Charges
The bank will pay a $6 million fine, and $1.5 million to cover the costs of the investigation.
Morganthau claimed that between May 2002 and April 2004, several Brazilian businesses were illegally transferring funds through an account set up by a Uruguayan money remitter.
The businesses wired over $3 billion through the account over the two-year period, using offshore shell companies to transfer the...
To view the full article, register now.