UPDATE 1-Bank of America to pay $16.6 mln to resolve U.S. sanctions violations
July 24, 2014 at 10:56 AM EDT
WASHINGTON, July 24 (Reuters) - Bank of America Corp's banking unit agreed to pay $16.6 million to resolve allegations that it processed several hundred transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said on Thursday.