Bangladesh, Oct. 15 -- US regulators have imposed more than $1.21 billion in penalties on Bank of America over serious deficiencies in its anti-money laundering controls and apparent violations of US economic sanctions. The enforcement actions, announced on October 13, represent one of the most significant regulatory crackdowns in the banks history and highlight persistent concerns about the financial industrys ability to detect and prevent illicit transactions.

The US Department of the Treasury described the action as the third-largest enforcement penalty in its history. The case centers on the banks failure to adequately identify, investigate and report suspicious financial activities, including transactions connected to Chinese money ...