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What does the historic Bank of America fine mean for US-China capital streams?
What does the historic Bank of America fine mean for US-China capital streams?
As the US Treasury imposed historic fines on Bank of America over compliance failures involving Chinese money-laundering networks, analysts see the action as a signal that could prompt Western banks to tighten scrutiny of Chinese clients and cross-border transactions. The penalties, announced on Tuesday and totalling more than US$1.21 billion, included what the US Treasury described as its…