ICYMI: OCC issues cease and desist order against Anchorage Digital over AML program
The US's national bank regulator is not happy with Anchorage Digital's know-your-customer program.a consent order, citing what it called Anchorage Digital's lax compliance with KYC and anti-money laundering provisions. The order requires Anchorage to cease and desist from those practices and instead institute a revamp and a number of new hires.
The order requires Anchorage to instate a bank secrecy officer to preside over its compliance with the Bank Secrecy Act, the backbone of AML and KYC programs in the US. It also mandates the creation of a compliance committee of at least three members and a review of existing high-risk clients.
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