U.S. hits Bank of America with $1.2 billion fine, saying it violated money laundering and sanctions laws

What happened: The U.S. hit Bank of America with a $1.2 billion fine, saying the bank violated money laundering and sanctions laws. Key numbers: $1.2 billion fine. Third-largest in the department's history. Bank of America is America's second-biggest bank. Why it matters: The penalty ranks among the largest the department has issued, signaling enforcement pressure on a major U.S. bank over money laundering and sanctions compliance. Coverage: 10 outlets in 24h

The U.S. hit Bank of America with a $1.2 billion fine, saying the bank violated money laundering and sanctions laws.

The penalty ranks among the largest the department has issued, signaling enforcement pressure on a major U.S. bank over money laundering and sanctions compliance.