The American regulator pointed out the shortcomings of the Anchorage compliance programLivia Green
Office of the Comptroller of the Currency within the US Treasury (OCC) accused Cryptocurrency bank Anchorage is “in violation of an operating agreement” with the regulator. The department explained that the company’s compliance program does not cover the required provisions BSA/AML.
“OCC places the same high demands on all nationally registered banks, whether they are traditional or innovative. When institutions fail to meet their obligations, we take action and hold them accountable to ensure compliance with the laws,” commented the interim head of the department, Michael Hsu.
Anchorage received a license nationwide “digital asset bank” in January 2021. Regulatory approval means that the company can be considered qualified custodian.
April 21, 2022 OCC released consent order (Consent Order), according to which “the bank has not adopted and implemented a compliance program covering the required elements of the BSA / AML, in particular, the control of proper KYC procedures and the monitoring of suspicious activity.”
Anchorage is instructed to create a special department that will monitor the company’s compliance with the BSA. In addition, the regulator requires the establishment of a compliance committee, consisting of at least three members, as well as the introduction of more stringent procedures. KYC.
A consent order implies that the parties have reached some kind of consensus on how to proceed. The document states that Anchorage has “initiated corrective actions and is committed to taking all necessary and appropriate steps to address deficiencies identified by the OCC.”
Recall that in December 2021 Anchorage raised $350 million from KKR, Goldman Sachs and other investors. Cryptobank was valued at $3 billion.