File photo: US Treasury Department announced a $1.2 billion fine against Bank of America for violating anti-money laundering laws Bank of America has been fined $1.21 billion by US regulators for failing to detect and report billions of dollars in suspicious transactions, including activity linked to potential money laundering and sanctions violations.The US treasury department said the bank failed to report more than $5 billion in suspicious activity, including $1 billion that posed national security-related and other illicit finance risks. The unreported activity included transactions that may have involved Chinese money laundering networks and trade-based laundering linked to the US…