Federal Reserve Cites Customers Bank for Lax AML and Crypto Compliance

The enforcement action highlights significant deficiencies in anti-money laundering and digital asset risk management practices.

Customers Bank has been ordered to improve its compliance with anti-money laundering and Bank Secrecy Act regulations.
The bank must enhance oversight and reporting related to its digital asset strategy.
Customers Bank's instant payments service for crypto clients was specifically called out by the Fed.
The bank is required to notify the Fed before implementing new crypto-related initiatives.
Customers Bank has already begun addressing the identified compliance issues.