This is a cautionary tale. The NASD fined Bank of America $3 million for failing to comply with rules designed to prevent money laundering. The bank allowed large transfers of money in a group that included 34 trust and private investment companies set up in the Isle of Man. The bank did not ascertain the identities of the account owners, even after numerous requests from lawyers, its risk management committee and a clearing firm. Now, this of course is wrong, but it could have been even worse. Let's say that accounts eventually ended up connected with some serious wrong-doing, what liability would the bank have in that case? In such a situation, the government might end up actively pursuing them. The PR hit would also be tough to deal with.

For more:
- here's an article from TheStreet.com