On August 18, the OCC terminated its 2022 consent order against a federally chartered bank specializing in digital assets. The OCC, in support of its decision, cited the safety and soundness of the bank and its compliance with laws and regulations.
The consent order (covered by InfoBytes here) required the bank to remediate deficiencies in its BSA/AML compliance program. Key requirements included strengthening internal controls, enhancing suspicious activity monitoring, improving customer due diligence, and ensuring robust independent testing.
Specifically, the consent order directed the bank to: (i) establish a compliance committee; (ii) retain an independent consultant to monitor suspicious activity; (iii) submit a remedial action plan; and (iv) provide regular progress updates to the OCC. The consent order had not imposed monetary penalties.
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