OCC Concludes Review of Anchorage Digital’s Anti-Money Laundering Program

News">

Anchorage Digital Bank Receives Regulatory Clearance After AML Compliance Review

Published August 21, 2025, 2:00 PM EDT

Washington D.C.- The Office of the Comptroller of the Currency (OCC) on Thursday terminated a consent order levied against Anchorage Digital Bank in 2022. This action acknowledges improvements in the bank’s anti-money laundering (AML) compliance programme, a crucial step for the future of cryptocurrency banking regulations.

The Initial Concerns And Regulatory Response

The 2022 consent order signified the OCC’s concerns regarding deficiencies in Anchorage Digital Bank’s procedures for preventing financial crime. The OCC, which supervises national banks and federal savings associations, demanded considerable upgrades to the bank’s AML framework.

This action came during a period of heightened scrutiny of the cryptocurrency industry, with regulators worldwide focused on curbing illicit activities facilitated by digital assets. The Department of Justice has increased enforcement actions against crypto firms, resulting in billions of dollars in settlements and penalties in recent years, according to data from Chainalysis.

Resolution And Future Implications

The lifting of the consent order indicates that Anchorage Digital Bank has successfully addressed the concerns raised by the OCC. The bank has implemented changes to its AML program, demonstrating a commitment to regulatory compliance.

This development may pave the way for increased regulatory clarity in the burgeoning digital asset space. It coudl also encourage other cryptocurrency banks to proactively enhance their AML controls to attract regulatory favor.

Key Facts: Anchorage Digital bank & The OCC

Event	date
Initial Consent Order Issued	2022
Consent Order Lifted	August 21, 2025
Regulator	Office of the Comptroller of the Currency (OCC)

Did You Know? The OCC has been actively developing guidance for banks engaging with cryptocurrency, acknowledging the growing demand for digital asset services.

Pro Tip: Financial institutions involved with cryptocurrency should prioritize robust AML compliance programs to mitigate risk and maintain regulatory standing.

What impact will this decision have on other crypto banks facing regulatory scrutiny? and how will this influence the broader adoption of digital assets by traditional financial institutions?

Understanding Anti-money Laundering (AML) Compliance

AML compliance is a critical aspect of financial regulation, designed to prevent criminals from using the financial system to launder illicit proceeds. Effective AML programs involve Know Your Customer (KYC) procedures, transaction monitoring, and reporting suspicious activity to authorities.

The Financial Action Task Force (FATF), an intergovernmental body, sets international standards for AML compliance. Countries are expected to implement these standards through their national laws and regulations. Failure to comply with AML regulations can result in substantial penalties and reputational damage.

Frequently Asked Questions About Anchorage Digital Bank

• What is Anchorage Digital Bank? Anchorage Digital Bank is a cryptocurrency bank that provides custody and financial services for digital assets.
• What was the original consent order about? The 2022 consent order addressed deficiencies in Anchorage Digital Bank’s anti-money laundering compliance program.
• What does lifting the consent order mean? It signifies that Anchorage Digital Bank has successfully addressed the OCC’s concerns and improved its AML controls.
• Why is AML compliance critically important for crypto banks? AML compliance is critical for preventing illicit activity and maintaining the integrity of the financial system.
• What is the role of the OCC in regulating crypto banks? The OCC supervises national banks and federal savings associations, including those offering cryptocurrency services.

share this article with your network and leave a comment below to join the conversation!

How does Anchorage Digital’s approach to complying with the “Travel Rule” demonstrate proactive engagement with regulatory requirements?

Key Findings of the OCC Examination

The Office of the Comptroller of the Currency (OCC) has recently concluded its review of Anchorage Digital’s anti-money laundering (AML) program. This examination, a critical step for any national bank providing custody of digital assets, focused on the effectiveness of Anchorage Digital’s controls in preventing illicit financial activity. The OCC’s findings are significant for the broader cryptocurrency compliance landscape and set a precedent for other institutions entering the digital asset space.

Here’s a breakdown of the key takeaways:

No Material deficiencies: The OCC persistent that Anchorage Digital’s AML program did not have any material deficiencies. This is a significant achievement, demonstrating a robust and well-implemented compliance framework.

Risk-based Approach: The review highlighted Anchorage Digital’s effective implementation of a risk-based approach to AML,tailored to the unique challenges presented by digital asset custody.This included identifying, assessing, and mitigating risks associated with virtual currencies.

Transaction Monitoring: A core component of the positive assessment was the strength of Anchorage Digital’s transaction monitoring systems. These systems are designed to detect and report suspicious activity, a crucial element of AML compliance.

Customer Due Diligence (CDD): The OCC validated Anchorage Digital’s CDD procedures, ensuring thorough vetting of clients and ongoing monitoring to identify potential risks. Enhanced Due Diligence (EDD) was appropriately applied to higher-risk customers.

Implications for Digital Asset Custody & Compliance

This favorable outcome from the OCC review has broad implications for the evolving regulatory environment surrounding digital assets. It signals a willingness from regulators to work with institutions that prioritize robust compliance measures.

Strengthening Regulatory Clarity

The OCC’s assessment provides valuable clarity for other banks considering offering digital asset services. It demonstrates that a thorough and well-executed AML program can meet regulatory expectations. This clarity is vital for fostering responsible innovation within the blockchain industry.

best Practices in AML for Digital Assets

Anchorage Digital’s success offers several key lessons for other institutions:

1. Dedicated Compliance Team: Invest in a dedicated team with expertise in both traditional AML regulations and the nuances of digital assets.
2. Technology Integration: Leverage technology solutions for transaction monitoring, CDD/KYC (Know Your Customer), and reporting. RegTech solutions are becoming increasingly vital.
3. Continuous Monitoring & Adaptation: The digital asset landscape is constantly evolving. AML programs must be continuously monitored and adapted to address emerging risks.
4. Collaboration with Regulators: Proactive engagement with regulators, like the OCC, is crucial for building trust and ensuring compliance.

Anchorage Digital’s Role in the Ecosystem

Anchorage Digital is a leading provider of digital asset custody solutions for institutions. Their platform supports a wide range of cryptocurrencies and offers secure storage, regulatory compliance tools, and access to liquidity.

Key Services Offered

Institutional-Grade Custody: Secure storage of digital assets with multi-party computation (MPC) technology.

AML & Compliance Solutions: Integrated tools to help institutions meet their AML obligations.

Trading & Lending: Access to liquidity and opportunities for yield generation.

Governance & Reporting: Robust reporting capabilities for regulatory compliance and internal controls.

The Future of Crypto Regulation

The OCC’s review of Anchorage Digital is part of a broader trend towards increased regulatory scrutiny of the cryptocurrency industry. Expect to see:

Increased enforcement Actions: Regulators are likely to increase enforcement actions against institutions that fail to comply with AML regulations.

Advancement of New Regulations: New regulations specifically tailored to digital assets are expected to be developed in the coming years. The focus will likely be on stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs).

* International Cooperation: Greater international cooperation will be needed to address the cross-border nature of digital assets and prevent illicit financial activity. FATF (Financial Action Task Force) guidelines will play a key role.

Real-World Example: Responding to the Travel Rule

A significant challenge for digital asset custodians is compliance with the “Travel rule,” which requires institutions to share customer information when transferring funds over a certain threshold.Anchorage Digital has been at the forefront of developing solutions to address this challenge, implementing systems to collect and transmit the required information in a compliant manner. This proactive approach was likely a factor in the positive OCC review.