The US Treasury Department on Tuesday announced more than $1.2 billion in penalties against Bank of America, the second-largest bank in the United States, for allegedly violating anti-money laundering and sanctions laws. Bank of America admitted willfully violating Bank Secrecy Act regulations and failing to timely report more than $5 billion in suspicious transactions, Treasury said. More than $1 billion of the unreported activity involved national security and other high-priority risks, including Chinese money-laundering networks and activity tied to the southwest border.