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The Treasury Department announced approximately $1.21 billion in sanctions against Bank of America for long-standing anti-money laundering failures and violations of U.S. sanctions.
Regulators found that the bank failed to adequately investigate billions of dollars of potentially suspicious transactions, even though it was aware of significant compliance deficiencies.
The action includes the largest sanction in OCC history and the third largest in FinCEN history.
This is a developing story; check back later for updates.
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