Bank of America fined $1.21 billion for suspicious activity failures

US regulators fined Bank of America $1.21 billion for failing to detect and report over $5 billion in suspicious transactions, including $1 billion linked to national security risks. The OCC imposed a record $750 million penalty. The bank expects a $1.2 billion charge to reduce Q3 earnings by 17 cents per share. Shares fell 2.7% after-hours.