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

Aug 8, 2024, 04:12 PM

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.