US Treasury fines Bank of America $1.8bn for money laundering and sanctions violations

The US Treasury fined Bank of America $1.8bn for money laundering and sanctions violations. FinCEN assessed $1.2B, the OCC added a record $750M, and OFAC settled for $11.6M. Treasury Secretary Scott Bessent said the bank admitted willful violations, including failing to report over $5bn in suspicious transactions linked to Chinese laundering networks and southwest border activity.

Detected & updated continuously · Source: Nebula