New Delhi, Oct. 14 -- Bank of America has admitted that it willfully violated the Bank Secrecy Act, and on Tuesday the Treasury Department said the bank will pay more than $1.21 billion after failing to report over $5 billion in suspicious transactions, including activity Treasury linked to Chinese money-laundering networks and the southwest border.

$1.2 billion from the Financial Crimes Enforcement Network, $750 million from the Comptroller of the Currency, the largest in that office's history, and an $11.6 million settlement with the Office of Foreign Assets Control over 475 apparent sanctions violations. Treasury called the total the third-largest penalty in its history. It is the latest action against Bank of America, and the date in...