Sunday, January 29, 2023

OCC Issued An Order Against Anchorage Digital Over AML Rules

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The OCC issued an order against Anchorage Digital over AML rules and the bank hinted that the actions could help establish a regulatory precedent that can encourage other companies in the space to set up federally regulated digital asset banks so let’s read more in today’s latest cryptocurrency news.

The US Office of the Comptroller of the Currency OCC issued an order against Anchorage digital as it aims to pursue cease and desist proceedings against crypto custody banks for violating certain anti-money laundering requirements. The OCC said it issued a consent order against Anchorage Digital based on its failure to adopt a compliance program and in accordance with the required Bank Secrecy Act or BSA and the governemnt bureau said that these actions placed Anchorage Digital in violation of th3e operating agreement with the OCC.  Michael Hsu as the comptroller of the currency:

“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities. When institutions fall short, we will take action and hold them accountable to ensure compliance with federal laws and regulations.”

OCC Chief Believes, stablecoins, regulation, industry, crypto

Anchorage didn’t admit nor denied the findings but the order reported the bank started corrective action and committed to taking all the needed steps to improve the deficiencies and by definition, the two parties reached an agreement in principle of moving forwards. Anchorage digital also said it tried to work on enhancing the areas identified and will continue to bolster the areas and reinforced the areas identified and will continue to bolster the areas and bring new digital asset standards for internal BSA/AML controls and procedures. The bank also said that the OCC’s actions could even establish a new precedent that can encourage other companies in the space to set up regulated digital asset banks.

According to the OCC, there’s a 15-day deadline to establish the committee for specific corrective actions and ensure the bank is in compliance with the BSA and AML requirements and issue progress reports on the plan if it gets executed. In addition, the government bureau ordered Anchorage to make an officer available and ensure compliance. Anchorage was the first company in the US to receive a national bank charter from the OCC back in 2021 but since the departure from the government bureau, the former Acting Comtrpoller of the currency Brian Brooks was the CEO of Binance US briefly and now he is the CEO of mining firm BitFury.

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