OCC Issues Consent Order Against Anchorage Digital Bank

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Consent Order against Anchorage Digital Bank, Sioux Falls, S.D.

The OCC took this action based on the bank’s failure to adopt and implement a compliance program that adequately covers the required Bank Secrecy Act/anti-money laundering (BSA/AML) program elements.

“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities,” said Acting Comptroller of the Currency Michael J. Hsu. “When institutions fall short, we will take action and hold them accountable to ensure compliance with federal laws and regulations.”

In January of 2021, the OCC granted conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. As an enforceable condition of approval, the company entered into an operating agreement which set forth, among other things, BSA/AML requirements. The bank did not meet the BSA/AML requirements under the operating agreement and, as a result violated the operating agreement and BSA/AML-related laws and regulations, which are the bases of today’s enforcement action.

Related Link

• Consent Order (PDF)