The U.S. Treasury has fined Bank of America more than $1.2 billion for violating anti-money-laundering and sanctions laws. Authorities say the bank failed to identify and report national security risks linked to Chinese money-laundering networks, illicit finance along the southwest border, Iran, Russia, narcotics, and global terrorism. Bank of America admitted wrongdoing, said it is investing billions in compliance technology, and will record a $1.2 billion non-tax-deductible charge. Regulators will not cap the bank's assets but will require it to work with a third party to identify previously unreported violations.
