U.S. Treasury fines Bank of America $1.2 billion for money laundering and sanctions violations

The U.S. Treasury Department has imposed over $1.21 billion in penalties on Bank of America for failing to comply with anti-money laundering and sanctions laws. This includes one of the largest penalties in the department's history, citing deficiencies in the bank's suspicious transaction identification, reporting, and customer due diligence processes, particularly concerning national security risks like Chinese Money Laundering Networks.