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....
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
A Law360 subscription includes features such as
- Daily newsletters
- Expert analysis
- Mobile app
- Advanced search
- Judge information
- Real-time alerts
- 450K+ searchable archived articles
And more!
Experience Law360 today with a free 7-day trial.