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

U.S. regulators fined Bank of America $1.21 billion for failing to catch signs of possible money laundering, the Treasury Department said Oct. 14, its third-largest penalty. That includes a record $750 million penalty from the OCC, the bank regulator, tied to a 2024 order. The bank said it will take a $1.2 billion charge to third-quarter earnings.