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The signature bank was examined criminally before it collapses: report
The crypto-friendly Signature Bank was criminally examined by the US authorities for combating money laundering before suddenly collapsing at the weekend, Bloomberg reported on Wednesday, citing the matter. According to the report, investigators from the Ministry of Justice (DOJ) in Washington and Manhattan as well as employees of the Securities and Exchange Commission (sec) examined the bank's records. Before the collapse, the signature bank was investigated criminal prosecutors examined whether the company had taken appropriate steps to combat money laundering by checking account holders and monitoring transactions. The inquiries were not published at the time the company was closed. In the …
The signature bank was examined criminally before it collapses: report
The crypto-friendly Signature Bank was criminalized by the US authorities to combat money laundering before suddenly collapsing at the weekend, Bloomberg Wednesday, citing the matter.
According to the report, investigators from the Ministry of Justice (DOJ) in Washington and Manhattan as well as employees of the Securities and Exchange Commission (sec) the records of the bank.
The signature bank was examined criminal before the collapse
Prosecutor of the Doj examined whether the company had taken appropriate steps to combat money laundering by checking account holders and monitoring transactions.
The inquiries were not published at the time of the company's closure. In conversation with Bloomberg, however, a spokesman for the SEC mentioned a statement by the chairman Gary Gensler on Sunday when the authorities closed the bank.
"We will do research and initiate enforcement measures if we determine violations of the federal securities laws," said Gensler.
It remains unclear when the examination began and whether it led to the closure of the bank by the supervisory authorities, since its employees have not yet been accused of misconduct. The supervisory authorities also announced that they had lost confidence in the management of the Signature Bank after the company had not provided reliable data.
remind you that during the announcement of the closure on Sunday the supervisory authorities had taken action that they had taken measures to prevent impending infection, since investors were panicked because of the liquidity problem of Silicon Valley Bank (SVB).
Nevertheless, the Federal Reserve Board, the Doj and the Federal Deposit Insurance Corporation (FDIC) assured the Americans that all the signature bank would receive their funds.
Check investigators SVB
Meanwhile, the Signature Bank is not the only collapsed financial institution that is taken away by the US supervisory authorities. SVB is currently examined by the SEC and the doj because of the share sales of its managers before the bank's downfall.
cryptopotato reported that the explorations are still in an early stage and therefore do not necessarily have to lead to allegations.
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