Bank of America agrees to $11.66 million OFAC settlement over sanctions violations

The agreement covers 475 apparent violations, most of which were not voluntarily disclosed to OFAC.

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced an $11,662,930 settlement with Bank of America. The case involves 475 apparent violations of sanctions programs.

Source: Управление по контролю за иностранными активами

Exterior of a Bank of America building — Bank of America agreed to an $11.66 million settlement with OFAC. Illustrative photo. Photo: Jim Evans / Wikimedia Commons, CC BY-SA 4.0

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced an $11,662,930 settlement with Bank of America, N.A. The bank agreed to resolve its potential civil liability.

The settlement concerns 475 apparent violations of sanctions programs targeting Russia, Belarus, Iran, Burma and Somalia, as well as programs addressing narcotics and global terrorism.

OFAC said the bank processed payments involving blocked banks. It also failed to give appropriate priority to alerts for customers whose names and dates of birth exactly matched those of blocked persons, and did not promptly update watchlists after OFAC designations.