[Bank of America Fined Over $1.2 Billion for 475 Sanctions and Anti-Money Laundering Violations] According to Bloomberg, Bank of America has been fined over $1.21 billion by U.S. regulators due to issues related to anti-money laundering and sanctions compliance. Among the penalties, the Office of the Comptroller of the Currency (OCC) imposed a $750 million civil fine, setting a record for fines issued by the agency. The settlement measures from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) involve 475 alleged violations of sanctions programs, with the related countries including Russia and Iran. Regulators have also issued a consent order to the bank.