The U.S. Office of the Comptroller of the Currency recently terminated a consent order against Anchorage Digital Bank, National Association. The consent order was issued by the OCC on April 21, 2022 in response to the bank’s alleged failure to develop and implement a compliance program that adequately covered the anti-money laundering (AML) elements required in the Bank Secrecy Act (BSA). No fines were issued against the Bank at the time; however, the Bank was expected to take certain corrective actions, including improvements to its BSA/AML program, and share its progress with the Assistant Deputy Comptroller in a timely manner. According to the termination order, the consent order was discontinued because the OCC felt that “the safety and soundness of the Bank and its compliance with laws and regulations does not require the continued existence of the Order.”
Order Terminating the Consent Order | OCC Press Release (April 21, 2022) | Consent Order