Drug Cartel's Scheme Puts BofA In Uncomfortable Spotlight

Law360, New York (July 9, 2012, 7:29 PM EDT) -- Bank of America Corp. has gotten tangled up with Mexico's largest drug cartel and its alleged scheme to launder money by buying racehorses, calling into question whether the U.S.' second-largest bank has the types of internal controls needed to root out and report suspicious activity, experts say.

The bank was linked to the cocaine-trafficking cartel known as Los Zetas in a 35-page affidavit filed last month by the FBI in a Texas federal court. The filing, made as part of the government's investigation into the money-laundering...
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