BANK OF AMERICA FINED $1.2 BILLION OVER LAPSES

Bank of America was fined $1.2 billion by the Office of the Comptroller of the Currency and the Treasury's Financial Crimes Enforcement Network for failing to run an effective anti-money-laundering program, the largest penalty in the OCC's 163-year history. Regulators found that $BAC let suspicious transactions tied to $5 billion go unreported for years, filing suspicious activity reports late or never. The bank had already signed a cease-and-desist order in December 2024 that carried no monetary penalty, but failed to fix the compliance gaps regulators had flagged. The OCC's $750 million assessment is credited against the larger FinCEN fine rather than added on top of it.