Bank of America, N.A. will pay a $16.5 million penalty for failing to freeze assets and reject transactions linked to sanctioned global drug traffickers, the U.S. Treasury Department said Wednesday.
It's a question few banks ever want to hear from the U.S. Treasury Department's sanctions arm: would you waive your statute of limitations protections and allow us to review more data?
The U.S. House of Representatives Wednesday overwhelmingly approved bills that would restrict loans and interbank transfers of credit involving entities that facilitate Iran's petroleum and weapons trade.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.