The US Treasury said that Bank of America “admits that it willfully violated” the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering. The second-largest US bank faces record penalties for failing to comply with money laundering and sanctions laws. Key points and original sources are listed below.

• The US Treasury said that Bank of America “admits that it willfully violated” the 1970 Bank Secrecy Act, which requires banks to help the government detect and prevent money laundering.S1

• The second-largest US bank faces record penalties for failing to comply with money laundering and sanctions laws.S2