Bank of America has been fined $1.2 billion in penalties for violating anti-money-laundering laws and violating sanctions against countries including Russia, Iran and Somalia, according to the Treasury Department.
It is the third-largest penalty in the department’s history.
Bank of America, which is the nation’s second-largest bank by assets, failed to adequately monitor for potentially illegal activity in its accounts and appeared to violate sanctions hundreds of times, according to Treasury.
The bank processed millions of dollars in payments that allegedly violated sanctions programs as well as programs targeting global terrorism and narcotics.
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