Federal Reserve’s Tough Sanctions Signal Warning to Crypto-Friendly Banks
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The U.S. Federal Reserve has taken firm action against Customers Bancorp, Inc., issuing sanctions for failing to adequately manage risks and comply with anti-money laundering (AML) regulations, particularly in its dealings with digital assets.
As a result, the Pennsylvania-based bank, which has established itself as a key player in servicing cryptocurrency clients, now faces stringent demands to overhaul its compliance frameworks.
In a stern move that underscores the increasing scrutiny on banks involved with digital assets, the Federal Reserve has sanctioned Customers Bank.
