Federal Reserve Challenges Customers Bank’s Approach to Cryptocurrency
The U.S. Federal Reserve has mandated Customers Bank to improve its Anti-Money Laundering (AML) measures and mitigate risks in its digital asset strategy and instant payments network due to significant compliance issues.
This action reflects heightened regulatory scrutiny on U.S. financial institutions in the crypto sector. The increasing focus on cryptocurrency has also become a political issue, complicating regulation.
Recent failures of banks like Silicon Valley Bank (SVB) and Signature Bank have exposed the risks and regulatory challenges for banks dealing with tech and crypto industries.
Clever Robot News Desk 12th August 2024
