Bank of America hit with $1.2 billion penalty over money laundering allegations

The Treasury Department announced more than $1.2 billion in penalties against Bank of America on Tuesday for years of failures to report suspicious transactions and shortcomings in its anti-money-laundering program. The action includes the third-largest penalty in Treasury history. Bank of America admitted to willfully violating federal anti-money-laundering laws, with more than $5 billion in suspicious activity unreported or reported late, including over $1 billion tied to potential national security risks and Chinese money-laundering networks.