đŠ $1.2B FINE â AND IT'S NOT A CRYPTO FIRM
The US Treasury just slapped Bank of America with $1.21B in penalties for money laundering failures: $1.2B from FinCEN (third-largest fine in Treasury history, behind only Binance and TD Bank), a record $750M from the OCC (credited against the FinCEN fine), and $11.6M to OFAC for 475 apparent sanctions violations.
The bank admitted it *willfully* violated the Bank Secrecy Act. It failed to report over $5B in suspicious transactions on time, with more than $1B tied to national security risks (Chinese money laundering networks, narcotics trafficking, illicit finance along the southwest border).
And yet, the same crowd in Washington keeps saying $BTC is the money laundering problem. The industry lecturing crypto just paid over a billion for doing exactly that.
How many more "clean bank" fines before the narrative flips? đ
Not financial advice. DYOR.
#crypto #Banking
The US Treasury just slapped Bank of America with $1.21B in penalties for money laundering failures: $1.2B from FinCEN (third-largest fine in Treasury history, behind only Binance and TD Bank), a record $750M from the OCC (credited against the FinCEN fine), and $11.6M to OFAC for 475 apparent sanctions violations.
The bank admitted it *willfully* violated the Bank Secrecy Act. It failed to report over $5B in suspicious transactions on time, with more than $1B tied to national security risks (Chinese money laundering networks, narcotics trafficking, illicit finance along the southwest border).
And yet, the same crowd in Washington keeps saying $BTC is the money laundering problem. The industry lecturing crypto just paid over a billion for doing exactly that.
How many more "clean bank" fines before the narrative flips? đ
Not financial advice. DYOR.
#crypto #Banking