A U.S. Treasury bureau tackling money laundering and financial crime
The UAE central bank has announced an urgent examination of Banque Misr’s UAE branches following a U.S. move to cut the bank’s access to the U.S. financial system as part of efforts to choke Iran's economy. The Treasury’s action is subject to a one-month public comment period and comes amid broader sanctions pressure on Iranian networks. The probe is part of an expanding U.S. push to isolate Iran through financial channels.
The US Treasury has assessed $1.2bn in civil penalties against Bank of America for failing to timely report more than $5bn in suspicious transactions, including over $1bn that posed national-security and high-priority risks. The OCC added a $750m penalty; OFAC settled for $11.6m. BofA has said the charge will reduce third-quarter earnings by about 17 cents per share.
Binance has disclosed a security breach affecting about $6.3 billion in client assets, marking the largest crypto hack on record. The firm is replenishing funds from its SAFU reserve and company resources, with roughly half the stolen assets already frozen. Withdrawals have resumed in phases, and the incident raises questions about centralization and customer protection in a decentralized-leaning industry.