Anchorage Digital Bank did not comply with the Anti-Money Laundering rules. This was reported to the United States Office of the Comptroller of the Currency. Anchorage Digital, the US’s first cryptocurrency bank licensed by the U.S. and one of the largest cryptocurrency lenders, is proof. It aims to be the leading digital asset platform for institutions.

On Thursday the authority issued a “cease and desist”-type of Consent Order against Anchorage Digital for engaging in violations of law and regulation after the bank failed to adopt critical rules to prevent money laundering and report suspicious transactions.

According to the order, the cryptocurrency bank’s AML compliance program was not providing proper internal customer verification processes and lacked the personnel to complete these tasks.

“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities,” said the Acting Comptroller of the Currency Michael J. Hsu.

Anchorage Digital is required to establish a Compliance Committee within 15 days of the consent order. This committee would be responsible for determining the steps necessary to comply with AML regulations.

According to the OCC document, agreement has been reached by both sides. Reportedly, Anchorage has already initiated corrective actions and “is committed to taking all necessary and started Crypto bank said to have started all necessary and appropriate steps to remedy the deficiencies identified by the OCC.”

Anchorage Trust Company, which was previously known as Anchorage Digital Bank, received the OCC approval in January 2021. Anchorage Digital must comply with Anti-money Laundering/Bank Secrecy Act (BSA/AML requirements) under the terms of its operating agreement.

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