Crypto Bank Lacked Key Anti-Money Laundering Controls, U.S Says

Anchorage Digital Bank, a major cryptocurrency lender, failed to put in place controls to prevent money laundering and report suspicious transactions, according to a U.S. regulator.

The Office of the Comptroller of the Currency said on Thursday that the bank’s compliance program last year lacked staff and internal processes to verify customers. Anchorage Digital, which didn’t admit or deny the OCC’s findings, agreed to correct the issues.

The OCC’s action is a public rebuke for the firm, which has been at the vanguard of crypto lending. Anchorage Digital primarily offers services to institutional investors transacting in digital assets such as ...