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Signature Bank was investigated by two US agencies over “Money laundering”: Report

Signature Bank was investigated by two US agencies over "Money laundering": Report 11

Reportedly Signature Bank faced an investigation by two US government agencies over the bank’s anti-money laundering (AML) measures. 

Signature Bank was a popular crypto-friendly bank but in 2022 the bank suffered huge losses because of the downfall of the business of its institutional customers. Bank was popular among the US crypto companies, as its institutional payment services were Instant & fast. Last week, the Signature company decided to liquidate Signature Bank to compensate all of its depositors. 

On 15 March 2023, Bloomberg reported that Signature Bank went through an investigation by two US agencies, namely the US Justice Department (Doj) and the United States Securities and Exchange Commission (SEC). 

The report noted that the investigation took place before the downfall of the Bank but it is unconfirmed whether the investigation was conducted this year or last year. Through the investigation, both of these two agencies were trying to figure out whether Silvergate Bank was following all the necessary measures to detect & prohibit Money laundering activities or not. 

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So far, neither the SEC agency nor the Silvergate capital corporation talked about this report but we can consider that the whole investigation resulted in nothing. 

US banks downfall

Over the last couple of weeks, half a dozen banks reported their bad financial position. The majority of these banks were focussing to provide services to the crypto companies. 

Crypto critics are targeting Crypto companies behind the downfall of these banks but so far Banks are silent on this matter and probably in near future we will see detailed information on the whole situation that occurred with many crypto-friendly banks. 

Read also: Binance is not planning to acquire Coindesk media

Signature Bank was investigated by two US agencies over “Money laundering”: Report



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