@coinsauceusa: The U.S. Treasury Department hit Bank of America with over $1.2 billion in penalties, the third-largest in its history, for violating anti-money laundering laws and sanctions rules. The bank failed to report more than $5 billion in suspicious activity on time, including over $1 billion linked to Chinese money-laundering networks, cartel operations along the southwest border, and 475 sanctions violations involving Iran, Russia, narcotics, and ter--rism. Treasury Secretary Scott Bessent stressed that no financial giant is above the law, requiring the bank to hire an independent reviewer to fix its systems. The penalties, led by FinCEN and a record $750 million from the OCC, will impact the bank's third-quarter results #BankOfAmerica #BreakingNews #USFinance #MoneyLaundering #CryptoNews

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2026-10-15 00:26:33

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