đš The Fed issued a cease and desist order to United Texas Bank! The reason is that the bank has serious risk management system deficiencies in its crypto client business. The Fed specifically pointed out major issues in Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance. United Texas Bank has agreed to submit an improvement plan.
Crypto compliance expert Niko Demchuk said that such cease and desist orders have a far-reaching impact on the market and other banks will use them to improve their AML processes. What impact do you think this will have on the crypto market? See you in the comments! đŹ#Blockchain#Cryptocurrency#AML#BSA