The U.S. Federal Reserve has issued a cease and desist order to United Texas Bank, alleging that it violated several national laws related to digital assets. The bank was found to have “significant deficiencies” in its corporate oversight, governance, and anti-money laundering (AML) protocols. The bank is required to create a system of internal controls to ensure ongoing compliance with AML requirements, and to submit a revised customer due diligence program and a written corporate governance program. The bank has not admitted or denied any wrongdoing. This follows a similar enforcement action against Customers Bancorp last month.
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