The main objectives of the investigation were to determine whether all necessary measures were taken by the bank to comply with the AML requirements. These include verifying and verifying users who open bank accounts, as well as monitoring transactions for signs of crime.
In addition, two sources told Bloomberg that the activities of Signature Bank were also of interest to the US Securities and Exchange Commission (SEC).
“We are investigating the bank and will take appropriate action if we find any violations of federal securities laws,” SEC Chairman Gary Gensler said after the bank closed.
To date, no charges have been brought against Signature’s management, and it is quite possible that the investigation will not reveal anything. It is also not yet known exactly when the checks of the bank began and whether they influenced the decision of the authorities to close the organization.
Earlier, Signature Bank board member Barney Frank said that US regulators deliberately shut down the bank in order to hit the cryptocurrency industry.
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.