Bank of America settles with OFAC for $12M

Bank of America: Bank of America is a leading US financial services company offering banking, investment, and wealth management products to consumers and institutions worldwide. In this news, it reached a settlement with the Treasury Department's OFAC over compliance matters. Recent coverage highlights the bank's ongoing engagement with regulatory authorities on various operational and legal fronts. US Treasury Department: The US Treasury Department oversees federal financial policy, economic sanctions, and enforcement through offices like OFAC. It publicly addressed Bank of America's resolution of an OFAC matter in the reported development. Recent Treasury actions include updates to sanctions lists and related enforcement notices within the past month. Regulatory Oversight: The Treasury Department continues to address compliance issues involving major financial institutions through its enforcement divisions. Sanctions Enforcement: OFAC has issued recent notices regarding updates to the SDN list and unblocking of certain properties as part of ongoing sanctions administration.