This is what it looks like as digital asset firms reach for normative compliance: Anchorage Digital Bank, a crypto-focused bank, has responded to sharp criticism from the OCC, its regulator, with a series of hires showing real depth in BSA/AML/OFAC compliance. Anchorage Digital, the first digital asset bank to be issued a charter by the OCC, agreed to make improvements to its BSA/AML program after the OCC issued a consent order in April 2022. The order alleged specific failures with Anchorage Digital’s customer due diligence procedures and transaction monitoring program.
Anchorage Digital’s announcement is here.