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

The US Treasury fined Bank of America $1.8bn, a near-record, for overlooking money laundering and sanctions violations involving Russia, Belarus and Mexico. Treasury Secretary Scott Bessent said the bank admitted willful violations, including failing to report over $5bn in suspicious transactions. The bank confirmed the charge will hit Q3 results by about $0.17 per share.

Detected & updated continuously · Source: Nebula