According to Blockworks, the Federal Reserve Bank of Philadelphia accused Customers Bank of failing to comply with anti-money laundering and the Bank Secrecy Act. The Fed found that the bank had significant deficiencies in risk management and compliance.
The Federal Reserve and Customers Bancorp reached a written agreement, and the bank will implement the relevant plan within 10 days of the agreement. The board of directors will submit a written plan to strengthen compliance management within 60 days of the agreement taking effect.
The plan will include measures to improve digital asset strategies and other key operations. Banks will also be required to report risk exposure related to cryptocurrencies and notify the Fed 30 days before implementing any crypto policy changes.