The Zhitong Finance App learned that Bank of America (BAC.US), one of Wall Street's major financial giants, was fined US$1.21 billion by US regulators for extensive flaws in identifying potential money laundering and other illegal activities. The bank said that this major penalty will drag down profits in the third quarter.

The Zhitong Finance App learned that Bank of America (BAC.US), one of Wall Street's major financial giants, was fined US$1.21 billion by US regulators for extensive flaws in identifying potential money laundering and other illegal activities. The bank said that this major penalty will drag down profits in the third quarter.