OFAC announced a $4.2 million settlement with a major European bank for apparent violations of U.S. sanctions on Russia. The bank processed numerous transactions for a specially designated national (SDN) through its U.S. correspondent accounts after the individual was sanctioned in 2022. OFAC determined that the bank's screening software failed to identify the SDN due to data formatting issues. The settlement amount reflects OFAC's consideration of the bank's cooperation and its commitment to enhancing its compliance program.