Trouble involving China? Bank of America just part of the state’s list

(The Center Square) – Charlotte-headquartered Bank of America was assessed a $1.2 billion penalty by the U.S. Department of the Treasury on Tuesday for its “failure to mitigate and report priority national security risks, including Chinese money laundering networks and illicit finance along the southwest border.’'

The largest penalty in the history of Office of the Comptroller of the Currency and third largest in Treasury history comes 28 days after China and its Wuhan University was cited in a U.S. Department of Education probe into Duke University and its Duke Kunshan University joint campus.

When it comes to national security and American archrival China, North Carolina has a growing list of missteps. In contrast, it also has a Republican majority Legislature that in June got the NC Farmland and Military Protection Act (House Bill 133) across the finish line for a July signing into law by the governor.

Bank of America is an industry leader, seventh largest in the world, and second-largest only to JPMorgan Chase in America by total assets estimated at $2.49 trillion to $2.65 trillion. While the penalty sum is significant, in reality it is forty-eight thousandths of 1% on the lower end of estimated total assets.