The Office of Foreign Assets Control (OFAC) found the bank processed payments for blocked banks and failed to prioritize alerts for customers matching sanctioned individuals. While OFAC determined the infractions were non-egregious, the regulator noted that Bank of America did not voluntarily self-disclose most of the violations. The lapses also included delays in updating sanctions watchlists and errors involving two business accounts linked to blocked persons.
Tuesday, October 20, 2026
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Bank of America Settles 475 Sanctions Breaches for $11.66M
Business7 days ago
The US Treasury’s sanctions enforcement arm reached an agreement with Bank of America to resolve penalties for failing to flag customers on government watchlists. The bank agreed to pay $11.66 million on Tuesday to resolve 475 apparent violations of sanctions programs targeting Russia, Belarus, Iran, Burma, Somalia, and narcotics trafficking, settling potential civil liabilities from these compliance breaches.
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