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

The United States Treasury Department is seen in Washington, DC, U.S. August 30, 2020. REUTERS/Andrew Kelly

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WASHINGTON, April 21 (Reuters) – The Office of the Comptroller of the Currency said on Thursday that flagship crypto bank Anchorage Digital Bank National Association violated rules to monitor suspicious activity and prevent money laundering.

The Sioux Falls, South Dakota-based company has failed to adopt a compliance program that complies with bank secrecy law and anti-money laundering requirements, the OCC said in its order. . Anchorage Digital receives a conditional banking charter from the regulator in January 2021.

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.

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.

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Reporting by Chris Prentice and Hannah Lang Editing by Marguerita Choy

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