BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations
July 24 2014 - 12:10PM
Dow Jones News
Bank of America Corp. (BAC) has agreed to pay $16.6 million to
settle allegations the bank processed transactions for drug
traffickers subject to sanctions, the Treasury Department said
Thursday, according to reports.
Bank of America processed hundreds of transactions for narcotics
traffickers between 2005 and 2009, Reuters reported on its website,
citing Treasury Department's Office of Foreign Assets Control.
The Fox Business Network also reported news of the
settlement.
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