Bank of America posted sharply lower profit after a $1.2 billion Treasury penalty

What happened: Bank of America admitted to willfully violating anti-money-laundering laws and failing to report over $5 billion in suspicious transactions, and posted sharply lower profit after a $1.2 billion Treasury penalty. Key numbers: $1.2 billion Treasury penalty; over $5 billion in suspicious transactions unreported. Why it matters: The penalty and admission mark a regulatory hit for the second-largest U.S. bank, tied to compliance failures in its anti-money-laundering controls. Coverage: 7 outlets in 24h

Bank of America admitted to willfully violating anti-money-laundering laws and failing to report over $5 billion in suspicious transactions, and posted sharply lower profit after a $1.2 billion Treasury penalty.

The penalty and admission mark a regulatory hit for the second-largest U.S. bank, tied to compliance failures in its anti-money-laundering controls.