According to a Reuters report on October 14, Bank of America (BAC.N) was fined $1.21 billion by U.S. regulators. Because it has generally failed to detect potential money laundering and other illegal activities. The U.S. Treasury Department stated that this is the third-largest penalty in its history, as the bank failed to report more than $5 billion in suspicious transactions to the government, including $1 billion involving national security risks.

Bank of America is one of the largest financial institutions in the United States, with its headquarters in Charlotte, North Carolina. Its business spans four major segments: Consumer Banking, Global Wealth & Investment Management, Global Banking, and Global Markets.

In addition, Bank of America paid a $11.6 million fine to the Office of Foreign Assets Control for more than 400 violations related to sanctions programs targeting Russia, Iran, and other countries.

A Bank of America spokesperson stated that the bank has invested billions of dollars and deployed thousands of employees to combat financial crime, and is committed to addressing issues raised by regulators. The spokesperson also noted that the fine will reduce third-quarter net profit by approximately 17 cents per share. Following the announcement, the bank’s stock price fell 2.7% in after-hours trading.

It is worth noting that this fine was imposed just days after American Express was fined $350 million for similar anti-money-laundering compliance deficiencies.