M.Y. Safra Bank Failed Crypto Compliance, OCC Says (1)

Feb. 20, 2020, 8:25 PMUpdated: Feb. 20, 2020, 10:12 PM

A national bank regulator has dinged M.Y. Safra Bank for failing to fully vet its cryptocurrency customers and transactions in high-risk jurisdictions for more than two years.

The bank will have to implement a number of measures to bring its anti-money laundering and Bank Secrecy Act compliance up to date, according to a settlement with the Office of the Comptroller of the Currency made public Thursday. No monetary penalties were assessed.

The OCC found the bank opened accounts for cryptocurrency customers and money services businesses (MSBs) without sufficient customer due diligence measures and didn’t adequately monitor and investigate suspicious transactions ...

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