Bank of America has been fined more than $1.21 billion by U.S. authorities over years of failures in its anti-money-laundering, customer-due-diligence and sanctions-control programs. Treasury said the bank failed to properly monitor trillions of dollars in transactions, leaving more than $5 billion in suspicious activity unreported or reported late. More than $1 billion involved potential national-security and other high-priority risks, including Chinese money-laundering networks and suspected trade-based money laundering linked to the U.S.-Mexico border. The enforcement package includes a $1.2 billion Treasury penalty, described as the third-largest in the department's history, a record $750 million civil penalty from the Office of the Comptroller of the Currency and an $11.6 million sanctions settlement. Bank of America admitted to willfully violating federal anti-money-laundering laws. The bank said it has invested billions of dollars in financial-crime technology and assigned thousands of employees to remediation. It will record a $1.2 billion non-tax-deductible charge in its third-quarter results, due Wednesday, while regulators require independent monitoring and reviews of its compliance systems.