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 corrupt practices laws in the U.S.