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Bank of America Loses $30 Billion in Market Cap Amid Exposure of Years-Long Compliance Lapses
Bank of America Corp. saw $30 billion wiped from its market value due to its failure to adequately report suspicious transactions for years, Bloomberg Markets reported. This came after regulators pushed the bank to adjust a key compliance system to flag more suspicious transactions, which revealed that the bank had previously failed to report thousands of transactions totaling $4 billion.
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