EddieJayonCrypto
16 Apr 25
The U.S. Department of Homeland Security's El Dorado Task Force is investigating Anchorage Digital Bank, focusing on its practices and policies related to money laundering. The probe's specifics are unclear. Anchorage was previously ordered by the Office of the Comptroller of the Currency (OCC) in 2...
The U.S. Department of Homeland Security is investigating Anchorage Digital Bank over potential financial crimes, focusing particularly on its anti-money laundering (AML) controls. The inquiry is led by the DHS’s El Dorado Task Force, which specializes in combating money laundering and other financial crimes. Details of the investigation remain unclear, with no official comment from either Anchorage Digital or DHS representatives.Anchorage Digital Bank previously faced regulatory scrutiny in 2022 when the Office of the Comptroller of the Currency (OCC) issued a consent order due to violations of the Bank Secrecy Act. The OCC mandated Anchorage to strengthen its client due diligence, monitoring of suspicious activity, and overall AML policies. At that time, Anchorage acknowledged the need for improvement and committed to reinforcing its digital asset standards to combat money laundering. The bank continues to operate under this consent order.In early 2023, Anchorage’s CEO Nathan McCauley revealed that a U.S. bank unexpectedly closed Anchorage’s account after two years of cooperation. This account closure occurred amid a wave of reports suggesting a government crackdown on the cryptocurrency industry, sometimes referred to as “Choke Point 2.0.” McCauley described the situation as “ridiculous,” highlighting the abrupt nature of the bank’s decision to sever ties.This ongoing investigation and regulatory pressure illustrate the challenges digital asset firms face navigating U.S. financial regulations, especially surrounding AML compliance. Anchorage Digital Bank’s experience underscores the heightened scrutiny crypto companies encounter as authorities seek to curb illicit financial activities within the evolving crypto sector.