Sanctions ComplianceRegulatory EnforcementFinancial ComplianceGovernment ContractingRisk ManagementPolicy
21 days agoOFAC Hits Bank of America With $11.6M Penalty for Sanctions Screening Failures
OFAC settled with Bank of America for $11,662,930 over 475 apparent sanctions violations tied to payment screening, match prioritization, and watchlist failures. No penalty reduction was granted despite remediation and cooperation, signaling heightened compliance expectations for contractors handling cross-border payments.