Bank of America fined $1.21 billion over money-laundering failures

U.S. regulators fined Bank of America $1.21 billion for widespread failures to detect potential money laundering, the Treasury Department said Oct. 14, calling it its third-largest penalty. The package includes a record $750 million OCC penalty tied to a 2024 order. The bank said it would take a $1.2 billion charge against third-quarter earnings.