WASHINGTON (Reuters), The Office of the Comptroller of the Currency said Thursday it would initiate cease and desist proceedings against Anchorage Digital Bank National Association, citing its failure to adopt records-keeping programs and money laundering prevention measures.

In a statement, OCC stated that the Sioux Falls-based crypto bank did not adopt a compliance plan meeting their Bank Secrecy Act or anti-money launder rules requirements.

Anchorage Digital did not immediately respond to a request for comment.