Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Bank of America, N.A.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced an $11,662,930 settlement with Bank of America, N.A. Bank of America agreed to settle its potential civil liability for 475 apparent violations of OFAC sanctions programs targeting Russia, Belarus, Iran, Burma, Somalia, narcotics, and global terrorism. The apparent violations occurred when Bank of America processed payments involving blocked banks, failed to appropriately prioritize alerts for customers who were exact name- and date of birth-matches to blocked persons, failed to promptly update watchlists following OFAC designations, and mishandled two business accounts associated with blocked persons due to human error. The settlement amount reflects OFAC's determination that Bank of America's apparent violations were non-egregious but largely not voluntarily self-disclosed. For more information, please see the following Enforcement Release.