Bank of America hit with $1.2 billion penalty over money laundering allegations

The Treasury Department on Tuesday announced more than $1.2 billion in penalties against Bank of America for years of failures to report suspicious transactions and address shortcomings in its anti-money-laundering program.Why it matters: The action includes the third-largest penalty in Treasury history.What they're saying: "Today's actions send a clear message that even the biggest financial institutions are not above the law," Treasury Secretary Scott Bessent said in a press release.The big picture: The civil action comes less than a week after federal regulators fined American Express $350