US fines Bank of America $1.2 billion
The US Treasury Department announced a $1.2 billion fine against Bank of America for failing to effectively combat border-related money laundering networks and illegal financial activities.
The US Treasury Department announced a $1.2 billion fine against Bank of America for failing to effectively combat border-related money laundering networks and illegal financial activities.
Bank of America was fined $1.2 billion on Tuesday over its failure to effectively identify money laundering and other suspicious customer payments. These funds flowed between the United States and countries including Russia, Belarus, and Mexico, with the fine amount close to a historical record.
On September 14, the US Department of Justice accused two Hong Kong-registered companies, Blessed Trust and Hexa Whale, of using Binance accounts to launder money for the Iranian government and the Islamic Revolutionary Guard Corps. The case involves over $1.5 billion in Iranian oil proceeds, and the US has filed to seize $61 million in previously frozen cryptocurrency assets.
On September 14, the U.S. Attorney's Office for the Southern District of New York filed a civil forfeiture action seeking to seize approximately $61 million in cryptocurrency, alleging that the Chinese companies Blessed Trust and Hexawell used Binance trading accounts to launder money from Iran's black-market crude oil sales, with the related network having laundered more than $1.5 billion in illicit oil funds.
The U.S. Treasury Department announced sanctions against the Singapore-based Xinbi Guarantee platform, saying it has processed approximately $24 billion in assets since 2022 and provided money laundering, victim data and other services to telecom fraud gangs in Southeast Asia and Madagascar; the sanctions order named the Prince Group and the Huione Group; the Justice Department had previously announced the freezing of $52 million in related cryptocurrency.
Social media has been circulating claims that Sun Yuchen has been placed on the Public Security Ministry's internal list of overseas fugitives suspected of economic crimes, along with reports that he left Hong Kong in a hurry.
The U.S. magazine Foreign Affairs published an in-depth investigation estimating that illegal economic activities related to China generate nearly $1 trillion in revenue each year, involving money laundering, fraud, smuggling, and more.
Chinese citizen Lu Jianfei was sentenced to 15 years in prison by the U.S. District Court for the Western District of North Carolina for participating in a transnational drug trafficking and money laundering organization.
Continental Aerospace Technology Company, a mainland aviation technology firm under China's state-owned Aviation Industry Corporation of China (AVIC), has agreed to pay more than $11.77 million to settle a False Claims Act case in which it was accused of improperly applying for US Paycheck Protection Program (PPP) loans for small and medium-sized enterprises during the COVID-19 pandemic.
CCTV cited data from the Ministry of Public Security stating that the number of criminal cases nationwide decreased by 16.1% year-on-year from January to May. However, the phenomenon of multiple regions investing financially in expanding detention centers and prisons has led to external doubts about the real public security situation.
The US Department of Justice took overnight action, raiding Huiwang Group's cloud servers and blocking its cryptocurrency channels.
Media reports revealed that two depositors at Jilin Fuyu Huimin Village Bank had a total of 18 million yuan in deposits misappropriated due to employees forging signatures for loss reports, triggering a situation where depositors have no way to seek rights defense.
On May 4, 2026, the High Court of Hong Kong granted a restraining order applied for by the Department of Justice, freezing HK$8.93 billion in assets belonging to 42 people including Chen Zhi and their associated companies.
Tether cooperated with U.S. law enforcement agencies to freeze over $344 million worth of USDT across two addresses in a single action, and disclosed that cumulative assets frozen in cooperation over the years have exceeded $4.4 billion.
The Ministry of State Security issued a notice warning that the so-called anonymity of virtual currencies is only an illusion; because their flows are covert and difficult to regulate, they have become an important tool for criminals engaged in illegal and criminal activities, breeding security risks on multiple fronts.