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Enforcement Release: October 13, 2026
Bank of America, N.A. Settles with OFAC for $11,662,930 Related to Apparent Violations of Multiple Sanctions Programs
Bank of America, N.A. (Bank of America), a national banking association headquartered in Charlotte, North Carolina, has agreed to pay $11,662,930 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. This settlement amount also reflects no...
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1) Comment forthcoming