News Summary

• The US Treasury Department said it is imposing more than $1.2 billion in penalties against Bank of America.
• The bank 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.
• The fine is the third-largest penalty it has imposed in its history, the Treasury said.
• A BofA spokesperson said the fine would impact the bank's upcoming third-quarter earnings, "impacting net income by approximately 17 cents per share"