The Office of the Currency Control within the U.S. Treasury (OCC) accused cryptocurrency bank Anchorage of “violating 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 traditional or innovative. When institutions fail to meet their obligations, we take action and hold them accountable to ensure compliance,” commented Michael Hsu, interim head of the division.

Anchorage was licensed as a nationwide “digital asset bank” in January 2021. Regulatory approval means the company can be evaluated qualified caregiver.

On April 21, 2022, the OCC issued a Consent Order stating that “the bank did not accept and implement a compliance program that covers the necessary elements of BSA/AML, particularly the control of proper KYC procedures and the monitoring of suspects. activity.”

Anchorage has been instructed to create a special department to monitor the company’s compliance with the BSA. In addition, the regulator requires the establishment of a compliance committee of at least three members and the introduction of stricter procedures. KYC.

A consent decision implies that the parties have reached some sort of consensus on how to proceed. The document states that Anchorage “has initiated corrective action and is committed to taking all necessary and appropriate steps to address the deficiencies identified by the OCC.”

Recall that in December 2021, Anchorage raised $350 million from KKR, Goldman Sachs and other investors. Cryptobank is worth $3 billion.