U.S. regulator says crypto bank violated anti-money laundering, compliance rules By Reuters

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U.S. regulator says crypto bank violated anti-money laundering, compliance rules

U.S. regulator says crypto bank violated anti-money laundering, compliance rules By Reuters


© Reuters. FILE PHOTO: The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly

WASHINGTON (Reuters) -The Office of the Comptroller of the Currency on Thursday said flagship crypto bank Anchorage Digital Bank National Association violated rules for monitoring for suspicious activity and preventing money laundering.

The Sioux Falls, South Dakota-based firm failed to adopt a compliance program that meets Bank Secrecy Act and anti-money laundering requirements, OCC said in its order. Anchorage Digital receiving a conditional bank charter from the regulator in January 2021.

A spokesperson for Anchorage Digital, which did not admit or deny the OCC’s findings, said the firm has already begun to strengthen and “will continue to bolster” the areas OCC identified as deficient in 2021.

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

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


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