U.S. Treasury's OFAC Announces Settlement Agreement With Bank Of America; Bank Of America To Pay $11.66M Settlement For 475 Apparent Sanctions Violations Involving Russia, Iran And Other Sanctioned Parties

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has announced a settlement agreement with Bank of America, requiring the bank to pay $11.66 million for 475 apparent sanctions violations involving Russia, Iran, and other sanctioned parties. This settlement reflects the bank's failure to comply with U.S. sanctions regulations. The stock ticker for Bank of America is BAC.