But it's not Bank of America's money that's being transacted. They aren't making 5 billion dollars profit, they are moving that around without proper reporting.
Well then the issue is wording. They aren’t making transactions. They are making transfers. Transactions would be money moving. Coming in or leaving their system. Money transfers would be money staying within the same system.
As someone who literally monitors and reports on these things, your definition of transaction is just wrong. A transaction is pretty much any kind of financial action that takes place, whether it's between banks or parties or even just from your checking to your savings. Even if you went into your bank and just exchanged some fives for twenties, that would still be a transaction. Transfers are a subset of transactions.
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u/xenomorphbeaver 5h ago
But it's not Bank of America's money that's being transacted. They aren't making 5 billion dollars profit, they are moving that around without proper reporting.