- Treasury's Financial Crimes Enforcement Network assessed a $1.2 billion penalty against Bank of America, which the agency said is the third-largest in Treasury history.
- Bank of America admits willfully violating Bank Secrecy Act regulations and failing to timely report more than $5 billion in suspicious transactions, Treasury said.
- The Office of the Comptroller of the Currency imposed a record $750 million civil money penalty, which counts toward the $1.2 billion total.
- More than $1 billion of the unreported activity involved national security and other high-priority risks, including Chinese money-laundering networks and activity tied to the southwest border.
- Treasury separately announced an $11.6 million settlement over sanctions violations.
- The action landed less than a day before Bank of America reports quarterly earnings Wednesday morning.