Aug 8, 04:12 PM

Fed Enforces Action on Customers Bancorp for Risk Management and AML Deficiencies, 60-Day Compliance Deadline

The Federal Reserve has announced an enforcement action against Customers Bancorp and its subsidiary, Customers Bank, citing significant deficiencies in their risk management practices and compliance with anti-money laundering (AML) regulations. The action highlights concerns over the bank's digital asset and dollar token activities, as well as gaps in compliance with the Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) regulations. Customers Bank has been given 60 days to address these issues and comply with the AML regulations.

#Federal Reserve #Customers Bancorp #Customers Bank #Bank Secrecy Act #BSA #OFAC #AML

Written with ChatGPT (GPT-4o).

Sources

Unicus@UnicusResearch
2 years ago
🚨BREAKING: @federalreserve hits $CUBI With Enforcement Action. 🚩Regional Bank(s) Alert - $CUBI in focus - a 🧵
Bloomberg Economics@economics
2 years ago
The Federal Reserve Board issued an enforcement action against Customers Bancorp and its subsidiary Customers Bank, alleging significant deficiencies related to the bank’s risk management practices and compliance around anti-money laundering rules. https://t.co/mi76h3Cb3C
crypto.news@cryptodotnews
2 years ago
The Federal Reserve is cracking down on crypto-friendly bank, Customer Bancorp, with new compliance measures https://t.co/v4MRgnfhLs

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