Signature Bank investigated for money laundering prior to demise: Report

Mar 14. 2023

By Ciaran Lyons

The pro-crypto bank was reportedly under dual investigations to uncover if it was taking proactive measures to stop money laundering.

The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse.

According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients.

It was noted the regulator was particularly concerned as to whether the bank was taking preemptive measures to monitor transactions for “signs of criminality” and properly vetting account holders.

It was noted the regulator was particularly concerned as to whether the bank was taking preemptive measures to monitor transactions for “signs of criminality” and properly vetting account holders.

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