A law that requires banks to report suspicious activities to authorities has turned into a legal headache for the banking industry, which has been hit with lawsuits and hefty fines in recent years over its reporting practices.

Most recently, BankAtlantic BanCorp Inc. in Florida was hit with a $10 million fine last for failing to report suspicious activity properly — one of several banks to pay multimillion-dollar fines in the last year.

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