Bank of America faces about $1.2 billion in money-laundering penalties

Treasury's Financial Crimes Enforcement Network assessed a $1.2 billion penalty against Bank of America, which includes credit for a $750 million penalty from the Office of the Comptroller of the Currency, the largest in that agency's history. Treasury's OFAC separately settled 475 apparent sanctions violations for $11.6 million. Regulators say the bank failed to promptly report more than $5 billion in suspicious transactions. The bank says it will take a $1.2 billion charge in third-quarter results, about 17 cents a share.