Bank of America Now Considers Crypto a Business Risk

Source : Bank of America Now Considers Crypto a Business Risk
Bank of America has cited cryptocurrency as a material risk to its business, public records show. The technology could hamper the second-largest U.S. bank’s ability to comply with anti-money-laundering regulations, pose a competitive threat and force the company to spend more money to keep up with the times, the bank said in its annual filing with the Securities and Exchange Commission. “Cryptocurrency” is mentioned three times in the annual report, all in the section on risk factors. The first reference is in the discussion of AML, know-your-customer, sanctions and foreign corruption laws in the U.S. “Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds,” the filing says, explaining further: “Our ability to comply with these laws is dependent on our ability to improve detection and reporting capabilities and reduce variation in control processes and oversight accountability.” Competitive threat Yet perhaps more notable is the acknowledgement that cryptocurrency poses competitive risks to the bank. In a passage about new competitors in the financial services industry, Bank of America expressed caution about how client preferences could lead them to use products like cryptocurrencies – for which, as it stands, the bank does not offer any support. […]
The post Bank of America Now Considers Crypto a Business Risk appeared first on Bitcoin Wiki.

Laisser un commentaire

Do NOT follow this link or you will be banned from the site!