CZ Criticizes Bank of America Over Reported $1.21 Billion AML Penalty
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Binance founder Changpeng Zhao criticized Bank of America following a report of more than $1.21 billion in federal penalties tied to AML and sanctions violations.
Binance founder Changpeng Zhao, known as CZ, criticized Bank of America on Wednesday over federal penalties exceeding $1.21 billion, according to Bitcoin.com News.
The outlet reported that the penalties concerned anti-money laundering and sanctions violations. Regulators found that the bank had not promptly reported suspicious transactions totaling more than $5 billion.
Zhao’s criticism focused on the contrast between the financial penalties imposed on the bank and the reported absence of criminal charges against its executives. The supplied report did not identify the regulators involved or provide further details of the enforcement action.
Source: Bitcoin.com News
