Bank of America backed crypto AML rules but reported over $5 billion in suspicious activity late

Bank of America faces over $1.2 billion in penalties after admitting willful Bank Secrecy Act violations. The bank filed reports late on over $5 billion in suspicious transactions, including transactions involving national security risks. FinCEN found violations in three areas: its AML program, due diligence on foreign correspondent accounts, and the filing of suspicious activity reports. More than $1 billion of late-reported transactions involved Chinese money laundering networks and potential trade-based laundering. The case comes after CEO Brian Moynihan testified before the Senate in December 2023 that crypto companies should follow the same AML rules as banks.

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