According to CoinMeta, the U.S. Treasury Department imposed a fine of up to $1.2 billion on Bank of America (BAC.N) due to "serious and persistent" money laundering activities and violations of sanctions regulations. Regulators determined that the bank failed to report suspicious transactions totaling over $5 billion as required. The fine includes a $750 million civil penalty imposed by the Federal Reserve Board of Governors (OCC), which is also the highest fine ever imposed by this regulatory body. In addition, the U.S. Treasury Department's Office of Foreign Assets Control reached a settlement agreement of $11.6 million with Bank of America, covering various sanctions issues related to Iran, Russia, drug trafficking, and global terrorism. Regulators have required Bank of America to comply with an order to cooperate with third parties in identifying and reporting previously undiscovered suspicious transactions. This fine represents a significant blow to Bank of America, which is about to release its third-quarter financial reports.