US Regulator Says Crypto Bank Violated Anti-Money Laundering and Compliance Laws

The Office of the Comptroller of the Currency announced on Thursday that the Anchorage Digital Bank National Association, the nation’s largest crypto bank, violated suspicious behavior monitoring and anti-money laundering guidelines.

A spokesperson for Anchorage Digital, who neither admitted nor denied the OCC’s findings, said the company had already begun to strengthen and “will continue to strengthen” areas identified by the OCC as deficient. in 2021.

According to the OCC ruling, the Sioux Falls, South Dakota-based company failed to implement a compliance program that complies with the Bank Secrecy Act and anti-money laundering regulations. money. In January 2021, the regulator granted Anchorage Digital a conditional banking charter.

The OCC order requires the company to appoint a compliance committee within 15 days and that committee submit a progress report and remediation plan to the regulator, among other actions.

Anchorage has begun corrective action and is committed to remedying it, the order said.

Summary of news:

  • US Regulator Says Crypto Bank Violated Anti-Money Laundering and Compliance Laws
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