Bank of America will pay $1.2 billion in penalties to settle violations of anti-money laundering and sanctions laws, marking the third-largest fine in U.S. Treasury history and the largest ever imposed by the Office of the Comptroller of the Currency. The settlement comes amid ongoing scrutiny of financial institutions' compliance with international sanctions and domestic anti-money laundering regulations. In a separate development, CVS Pharmacy, a unit of CVS Health, agreed to pay $315 million to resolve allegations that it illegally filled opioid prescriptions and submitted false claims to Medicare.
The U.S. government accused CVS of knowingly dispensing controlled substances without legitimate medical purpose, including dangerous and excessive quantities of opioids, and filling prescriptions too early. Many of these were billed to federal healthcare programs. Additionally, drones struck two commercial ships near NATO waters, raising concerns over maritime security in the region.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing