šÆ Bank of America hit with a $1.2 billion fineācan compliance be outsourced?
š° Bank of Americaās anti-money laundering and sanctions controls suffered a major breakdown. The OCC and OFAC levied a combined $1.21 billion in fines over 475čæč§ transactions involving Russia and Iran, and also imposed a consent order requiring corrective action.
š¬ Regulators summed it up in one sentence: to protect revenue, the bank outsourced key compliance functions to a third party. Itās an ironic loophole in traditional financeāwhile the transparency of on-chain systems is something it still hasnāt learned to embrace.
š·ļø #ē¾é¶ #ēē®”åč§ #åę“é± #TraditionalFinance
š° Bank of Americaās anti-money laundering and sanctions controls suffered a major breakdown. The OCC and OFAC levied a combined $1.21 billion in fines over 475čæč§ transactions involving Russia and Iran, and also imposed a consent order requiring corrective action.
š¬ Regulators summed it up in one sentence: to protect revenue, the bank outsourced key compliance functions to a third party. Itās an ironic loophole in traditional financeāwhile the transparency of on-chain systems is something it still hasnāt learned to embrace.
š·ļø #ē¾é¶ #ēē®”åč§ #åę“é± #TraditionalFinance