Bank of America, the second-largest US bank, failed to promptly report hundreds of millions of dollars in suspicious transactions bearing signs of Chinese money-laundering networks, US regulators said on Tuesday, announcing more than US$1.21 billion in penalties for broader anti-money-laundering and sanctions failures. The Financial Crimes Enforcement Network, or FinCEN, said the activity included large wire transfers to counterparties in China, repeated credit-card purchases at major retailers...

Katie Zacharia, US President Donald Trump’s newly appointed White House press secretary, faces questions about her legal credentials after telling reporters on Tuesday that she passed a bar exam “when I moved to China”, without identifying the jurisdiction. Zacharia, who has repeatedly described herself as a lawyer, made the remark after her first official White House press briefing. According to her LinkedIn profile, she worked as an associate at Zhong Lun Law Firm, one of China’s largest, in...