Treasury fines Bank of America $1.2B for violating money laundering, sanctions law

The Treasury Department fined Bank of America over $1.2 billion for violating anti-money laundering and sanctions laws. FinCEN imposed the penalty on the second-largest U.S. bank for failing to "mitigate and report priority national security risks." The fine is among the largest ever levied by FinCEN, highlighting the government's crackdown on financial institutions' compliance failures.