The US Federal Reserve has taken enforcement action against Customers Bancorp and its subsidiary, Customers Bank. The Fed has highlighted a flurry of flaws or limitations in the bank’s risk management and anti-money laundering (AML) practices. This development gained traction from the financial sector, especially the crypto market, given the bank’s involvement in digital asset services and its tokenized instant payments platform.
Customers Bancorp and Customers Bank Faces Enforcement Action
The US Federal Reserve has issued enforcement action against Customers Bancorp and its subsidiary, Customers Bank. The action follows a recent probe that unveils significant shortcomings in the bank’s risk management and AML practices, specifically in its digital assets business.
The central bank finds major drawbacks in how the bank manages risks associated with crypto, directing the bank to overhaul its risk-management policies. In addition, the US Fed stressed that the bank to ensure that i
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