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Cryptocurrencies pose serious threat to Bank of America according to its SEC filings - Hallo friend HEALTHY LIVING, In the article you read this time with the title Cryptocurrencies pose serious threat to Bank of America according to its SEC filings, we have prepared well for this article you read and download the information therein. hopefully fill posts items ENTERTAINMENT, items FITNES, items HEALTHY, items HEALTHY FOOD, items HEALTHY LIVING, items HOW HEALTHY, we write this you can understand. Well, happy reading.

Title : Cryptocurrencies pose serious threat to Bank of America according to its SEC filings
link : Cryptocurrencies pose serious threat to Bank of America according to its SEC filings

Cryptocurrencies pose serious threat to Bank of America according to its SEC filings

RT | Feb 24, 2018

© Marco Bello / Reuters

Bank of America considers cryptocurrency a material risk to its business, public records reveal. The bank has made efforts to restrict its customers’ use of bitcoin and other virtual currencies.

In its annual filing with the Securities and Exchange Commission, the bank admitted cryptocurrency poses a competitive threat to its business on three separate occasions within the document. The bank said there is a risk that its customers could turn to cryptocurrencies adding that, "Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies."

The bank realizes the spread of cryptocurrencies and new payment systems could force the company to invest money to expand their offerings in order to remain competitive. The “widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services," it said.

Crypto Cheat Sheet: RT’s guide to digital currencies https://t.co/WnRtwycFw3pic.twitter.com/ZJLmCX2fJ3

— RT (@RT_com) January 31, 2018

The bank also pointed to the difficulties cryptocurrencies pose when it comes to tracking funds as part of its responsibility to follow legal requirements like those on foreign corrupt practices, overseen by the Office of Foreign Assets Control, and other anti-money laundering regulations.

"Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds," it said. “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."

Bank of America, Citigroup and JPMorgan Chase have banned purchases of cryptocurrency on their credit cards, starting February. Bank of America has also placed restrictions on its Merrill Lynch brokerage clients when it comes to bitcoin-related investments, the Financial Times reports.

Comment: Back a few years ago when the foreclosure were much more in the news, many journalist talked about dumping these banks that use fractional banking and many did do just that including myself moving to a credit union. If more people would have heard about this more they would have joined in and boycotted such banks as BOA which is a bank that bought out the bank I used to be with. They were extremely upset when I closed my account and kept mailing me junk mail bills for about 6 months after. Finally they give up when they don't get a response.

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