The Treasury Department announced approximately $1.21 billion in penalties against Bank of America over longstanding anti-money laundering failures and U.S. sanctions violations.

Regulators found the bank failed to adequately investigate trillions of dollars in potentially suspicious transactions despite knowing about significant compliance deficiencies.

The action includes the largest penalty in OCC history and the third-largest in FinCEN history.

This is a developing story; check back later for updates.