Bank of America fined $1.2 billion for failing to report financial crime

The U.S. Treasury fined Bank of America over $1.2 billion for anti-money-laundering and sanctions violations, saying the bank failed to report more than $5 billion in suspicious activity. It is the Treasury's third-largest fine ever, and BAC shares fell more than 8%.

• $1.2 billion fine is the third-largest in Treasury history
• Bank failed to report over $5 billion in suspicious activity
• Includes a $750 million OCC penalty, its largest ever
• BAC shares fell more than 8% after Q3 earnings