Bank of America backed crypto AML rules but reported over $5 billion in suspicious activity late
Bank of America CEO Brian Moynihan supported applying strict anti-money-laundering rules to crypto firms, yet the Treasury later penalized the bank over $1.2 billion for willful regulatory violations.
In December 2023, Senator Elizabeth Warren questioned Bank of America CEO Brian Moynihan about whether cryptocurrency firms facilitating financial transactions ought to adhere to the same anti-money-laundering regulations as traditional banks. Moynihan responded, “Absolutely.” Subsequently, on October 13, the Treasury Department revealed penalties exceeding $1.2 billion against his financial institution. The Financial Crimes Enforcement Network (FinCEN) discovered that Bank of America acknowledged willfully violating the regulations…
Frequently Asked Questions
01What did Bank of America CEO Brian Moynihan say about crypto regulations?
In December 2023, CEO Brian Moynihan told Senator Elizabeth Warren that crypto companies handling financial transactions should follow the same anti-money-laundering rules as banks.
02What penalties did Bank of America face?
The Treasury announced more than $1.2 billion in penalties against Bank of America after FinCEN found the bank admitted to willfully violating anti-money-laundering rules.
