Bank of America has been hit with a $1.2 billion penalty after federal regulators found the banking giant failed to report billions of dollars in suspicious transactions. The settlement is among the largest financial enforcement actions in U.S. Treasury history.The penalty, announced Tuesday by the Treasury Department's Financial Crimes Enforcement Network (FinCEN), is the third-largest in the agency's history. It is surpassed only by penalties against cryptocurrency exchange Binance in 2023 and TD Bank in 2024.Treasury Secretary Scott Bessent said the failures posed risks extending well beyond the bank itself. "Financial institutions are on the front lines of protecting our…