Bank of America backed crypto AML rules but reported over $5 billion in suspicious activity late
In December 2023, Senator Elizabeth Warren asked Bank of America CEO Brian Moynihan whether crypto companies handling financial transactions should follow the same anti-money-laundering rules as banks. “Absolutely,” he said. On Oct. 13, Treasury announced more than $1.2 billion in penalties against his bank. FinCEN found that Bank of America admitted to willfully violating the… Read the full…
Bank of America CEO Brian Moynihan told Senator Elizabeth Warren in December 2023 that crypto firms should follow the same anti-money-laundering rules as banks. On Oct. 13, the Treasury announced over $1.2 billion in penalties against Bank of America, with FinCEN finding the bank admitted to willfully violating AML rules and failing to report more than $5 billion in suspicious activity. The case highlights heightened regulatory scrutiny of financial institutions' AML compliance, which could weigh on crypto market sentiment by reinforcing expectations of stricter enforcement across the sector.
