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Bank of America to pay $16.6 mln to resolve U.S. sanctions violations

WASHINGTON, July 24 (Reuters) - Bank of America Corp's banking unit agreed to pay $16.6 million to resolve allegations that it processed transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said on Thursday.

The bank processed several hundred transactions for designated narcotics traffickers between 2005 and 2009, and failed to file timely reports on about five such accounts, the department's Office of Foreign Assets Control said.

(Reporting by Aruna Viswanatha; Editing by Susan Heavey)