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BofA Pays $16.6 Million for Sanctions Violations

Jaclyn Jaeger | July 25, 2014

Bank of America agreed this week to pay $16.6 million to the Department of Treasury for economic sanctions violations.

According to enforcement documents, Bank of America processed 208 transactions totaling roughly $91,192 on behalf of, and failed to properly block five accounts owned by, 10 individuals whom the Office of Foreign Assets Control (OFAC) previously added to its list of Specially Designated Nationals and Blocked Persons (SDN List).

Although BofA identified most of the apparent violations, OFAC said the disclosures weren’t voluntary, “because they were substantially similar to other apparent violations of which OFAC was already aware.” In addition, OFAC determined that 79 transactions BofA processed on or after October 2006 constituted “egregious” activity.

In determining...

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