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Home»Regulation»The US Federal Reserve is hitting customers’ banks with enforcement actions related to crypto services
The US Federal Reserve is hitting customers' banks with enforcement actions related to crypto services
Regulation

The US Federal Reserve is hitting customers’ banks with enforcement actions related to crypto services

2024-08-10No Comments2 Mins Read
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The governing body of the Federal Reserve System has issued an enforcement action against Customers Bancorp, the parent company of the state-chartered Customers Bank, which is known for its business with crypto exchange platforms and stablecoin issuers.

The Federal Reserve Board (FRB) says the Pennsylvania-based bank holding company and its subsidiary have significant deficiencies in risk management practices and compliance with anti-money laundering laws.

Under an agreement signed Monday with the Federal Reserve Bank of Philadelphia, Bancorp and Customers Bank are already taking action to address identified compliance deficiencies with the Anti-Money Laundering Act (AMLA) and the Bank Secrecy Act (BSA) .

But Bancorp and Customers Bank must still submit a written plan within 60 days for improving the organization’s risk management practices related to its digital asset strategy offering banking services to crypto customers.

The plan should include the actions the organization will take to ensure that those responsible for the digital assets strategy have the appropriate expertise, authority, staff and resources.

It should also include the steps that enable timely assessment and reporting of risk exposure associated with the digital asset strategy.

The price of Bancorp’s shares fell 13.31% today. It closed at $47.01.

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