[Bank of America Fined Over $1.2 Billion by U.S. Regulators for Anti-Money Laundering and Sanctions Compliance Deficiencies] According to Deep Tide TechFlow on October 14, as reported by Bloomberg, Bank of America Corp. has been fined over $1.21 billion by U.S. regulators for violations related to anti-money laundering and sanctions compliance. Regulators stated that, in order to protect revenue, the bank had 'effectively outsourced' critical aspects of its compliance work. Enforcement actions announced by the U.S. Treasury Department revealed that the penalties include a record $750 million civil fine imposed by the Office of the Comptroller of the Currency (OCC). Settlement measures by the Treasury Department's Office of Foreign Assets Control (OFAC) involve 475 alleged violations of sanctions programs, with implicated countries including Russia and Iran. Regulators have also issued a consent order against the bank.