The US Treasury fined Bank of America (BAC.N) $1.2bn for “serious and persistent” anti‑money‑laundering and sanctions compliance failures, saying the bank failed to report suspicious transactions totaling more than $5bn. The penalty includes a record $750m civil fine from the OCC; the Office of Foreign Assets Control reached an $11.6m settlement over alleged violations tied to Iran, Russia, drug trafficking and global terrorism sanctions. Regulators required Bank of America to enter a consent or

The US Treasury fined Bank of America (BAC.N) $1.2bn for “serious and persistent” anti‑money‑laundering and sanctions compliance failures, saying the bank failed to report suspicious transactions totaling more than $5bn. The penalty includes a record $750m civil fine from the OCC; the Office of Foreign Assets Control reached an $11.6m settlement over alleged violations tied to Iran, Russia, drug trafficking and global terrorism sanctions. Regulators required Bank of America to enter a consent order that mandates third‑party remediation to identify and report previously undetected suspicious transactions. The action is a regulatory hit ahead of the bank’s upcoming Q3 results.