The US fined Bank of America US$1.2 billion for violating money laundering and sanctions laws, according to the South China Morning Post.

Treasury Secretary Scott Bessent said that when a bank of this size fails to meet its anti-money-laundering and sanctions obligations, the consequences extend far beyond its own walls and expose the entire US financial system to significant illicit finance risks. Regulators cite failures involving US$5 billion in suspicious activity, according to the Hindustan Times.