On Thursday, the Office of the Comptroller of the Currency said flagship crypto bank Anchorage Digital Bank National Association violated rules for monitoring for suspicious activity and preventing money laundering.
The South Dakota-based firm didn't adopt a compliance program that meets Bank Secrecy Act and anti-money laundering requirements, OCC said in its order.
A spokesperson for Anchorage Digital 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 to 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.