First financial institution enforcement action in the 90-day baseline, and the only 7-program settlement in that window against a GSIB — all three prior enforcement actions in the baseline involved a single program; $11,662,930 is the largest settlement penalty in the 90-day window.
Treasury settled with Bank of America, N.A. for $11,662,930 to resolve 475 apparent violations of OFAC sanctions programs targeting Russia, Belarus, Iran, Burma, Somalia, narcotics, and global terrorism, arising from failures in payment screening, alert prioritization, watchlist updates, and account controls.
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