Official announcements from the Federal Reserve or Customers Bancorp

Fed Takes Action Against Customers Bancorp for Risk Management and AML Deficiencies in Digital Asset Activities

Aug 8, 2024, 03:10 PM

The Federal Reserve has announced an enforcement action against Customers Bancorp, citing significant deficiencies in the bank's risk management and anti-money laundering (AML) practices. This action highlights gaps in compliance with the Bank Secrecy Act (BSA) and the Office of Foreign Assets Control (OFAC) regulations, particularly concerning the bank's digital asset and dollar token activities. The enforcement action indicates that Customers Bancorp will need several months to address these issues, despite having brought in new management to tackle the problems.