The U.S. Treasury Department has sanctioned eight Canadian money-exchange firms for allegedly helping Iranian entities bypass international sanctions and laundering drug proceeds.

The US Treasury Department has hit Bank of America with $1.21 billion in total fines for severe anti-money laundering and sanctions compliance failures.

Alex Saab pleaded guilty in a Miami federal court to money laundering tied to a Venezuelan food subsidy scheme, agreeing to forfeit $195 million and cooperate with federal authorities.

Former Venezuelan businessman Alex Saab has pleaded guilty to money laundering and agreed to cooperate with U.S. authorities, forfeiting $195 million tied to a food-subsidy scheme.