CZ Criticizes Lack of Criminal Charges in Bank of America Penalty
- Bank of America was fined over $1.21 billion for anti-money laundering and sanctions violations.
- The U.S. Treasury found more than $5 billion in suspicious transactions went unreported or were reported late.
- No criminal charges were filed against any bank executives despite the bank’s admission of willful violations.
- Binance founder Changpeng Zhao highlighted the absence of criminal consequences for bank leadership.
- Bank of America expects a $1.2 billion non-tax-deductible charge against third-quarter earnings, affecting its earnings per share by approximately $0.17.
The U.S. Treasury Department imposed one of its largest penalties on Bank of America for significant compliance failures, yet no executives faced charges, drawing criticism from figures like Binance’s CZ.
