Crypto Bank lacked key Anti-Money Laundering Controls: US Authorities

Key Takeaways:

  • Anchorage Digital Bank failed to implement anti-money-laundering safeguards and neglected to report suspicious transactions. 
  • According to the Office of the Comptroller of the Currency, the bank’s compliance department lacked staff and internal processes last year. 
  • Despite refusing to accept or deny the OCC’s findings, Anchorage Digital agreed to remedy the issues.

Anchorage Digital Bank, a large cryptocurrency lender, failed to adopt measures to prevent money laundering and report suspicious transactions, according to a US Office of the Comptroller of the Currency.

Last year, the bank’s compliance program lacked employees and internal procedures to examine consumers, according to the Office of the Comptroller of the Currency. Despite refusing to accept or deny the OCC’s findings, Anchorage Digital agreed to remedy the issues.

Whether they operate in traditional or unique ways, the OCC holds all nationally chartered banks to the same high standards, Acting Comptroller of the Currency Michael Hsu said in a statement.

The OCC ordered Anchorage Digital to take a number of steps, including developing a corrective action plan within 30 days and appointing a special officer to track and report on the firm’s anti-money laundering program.

Baisakhi Mishra
Baisakhi Mishra

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