Thursday, July 24, 2014
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $16,562,700 settlement with Bank of America, N.A. (Bank of America) to settle potential liability for apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. part 598; the Narcotics Trafficking Sanctions Regulations, 31 C.F.R. part 536; and the Reporting, Procedures and Penalties Regulations, 31 C.F.R. part 501. The settlement resolves OFAC’s investigation into transactions that Bank of America processed and accounts Bank of America maintained on behalf of individuals with multiple or multi-part last names on the List of Specially Designated Nationals and Blocked Persons (SDN List). Between September 10, 2005 and March 31, 2009, Bank of America processed 208 transactions totaling approximately $91,192 on behalf of, and failed to properly block five accounts owned by, 10 individuals whom OFAC had previously added to its SDN List.
For more information on this action, please visit the following web notice.
New information on OFAC Civil Penalties and Informal Settlements is now available.