- The US Treasury fined Bank of America more than $1.21 billion over compliance failures, including suspicious transactions tied to Chinese money-laundering networks.
- The Treasury described the penalty as its third-largest on record and the largest in the history of the Office of the Comptroller of the Currency.
- Bank of America processed millions of dollars in payments in apparent violation of sanctions programmes, including those targeting Russia, Iran, and narcotics and global terrorism networks.
- Analysts cited by the South China Morning Post say the action signals tighter scrutiny of cross-border financial flows and Chinese clients at Western banks.
Quotes
“in apparent violation of sanctions programmes”