Economy
US Fines Bank of America $1.2 Billion Over Money Laundering and Sanctions Violations
The US Treasury has fined Bank of America more than $1.21 billion for anti-money laundering and sanctions violations, one of the agency's largest penalties ever. FinCEN imposed $1.2 billion for failing to report over $5 billion in suspicious transactions, while the OCC issued a record $750 million fine and OFAC announced an $11.6 million settlement.