Bank of America opens branch in Luxembourg

Bank of America (BofA) has opened a new branch in Luxembourg on Tuesday, as the bank works on expanding its business in Europe, said the bank’s senior executive.

BofA is hiring a dedicated money laundering reporting officer and a group of other support staff in functions like compliance, risk and legal, to support the branch.

Luxembourg has been listed by F&D magazine as a global leading tax haven that attracts foreign direct investment in 2019. However, its investment fund industry in 2021 was branded a financial black box that helps people launder illicit money and avoid tax in 2021.