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Expert Analysis

3 Takeaways From BofA's $16.5M Settlement With OFAC

Law360, New York (July 24, 2014, 2:40 PM EDT) -- On Thursday, July 24, 2014, the U.S. Treasury Department's Office of Foreign Assets Control issued a Web notice outlining a settlement agreement between the office and financial powerhouse Bank of America NA. According to the notice, Bank of America agreed to pay the office more than $16.5 million to avoid a civil enforcement action for processing 208 transactions totaling roughly $91,192 in apparent violation of OFAC sanctions against designated narcotics traffickers. The bank also failed to satisfy related reporting requirements. Without settling, the company faced a potential base penalty of over $83 million....

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