The Treasury just fined BofA $1.2 billion, saying it didn't report Chinese money laundering networks

The Treasury has fined the Bank of America more than $1.2 billion. Nicolò Campo/LightRocket via Getty Images The Treasury Department has imposed a fine of more than $1.2 billion on the Bank of America. It said BofA failed to report suspicious transactions tied to Chinese money-laundering networks. A BofA spokesperson said the fine would impact the bank's coming quarterly earnings. The US Treasury Department said it is imposing more than $1.2 billion in penalties against Bank of America . The Treasury said in a Tuesday news release that the bank — the country's second-largest — failed to report over $5 billion in suspicious transactions to the Financial Crimes Enforcement Network. This included Chinese money-laundering networks along the US's southwestern border. It added that the bank had also violated several sanctions programs, "including on Iran, Russia, narcotics, and global terrorism."