Bank of America has recently associated crypto assets with a serious risk to its financial business. That’s what public records disclosed.
The technology could potentially affect the second-largest American financial institution’s ability to comply with anti-money-laundering norms, thus posing a competitive threat and making the company spend more funds to keep up with the times.
The company mentioned crypto assets in its annual report up to three times, and each one was associated with risk factors.
As the filings states, emerging technologies could potentially restrain the bank’s ability to track the movement of finances.
Faithful crypto fans probably disliked the bank’s acknowledgment that digital currencies pose serious risks to the institution.
In a passage about fresh rivals in the financial services industry, the bank expressed caution as for how client preferences could make it utilize products like crypto assets, for which, the financial institution does not lend any support.