Signature Bank investigated for criminal activities prior to collapse
1 year, 9 months ago

Signature Bank investigated for criminal activities prior to collapse

Hindustan Times  

US prosecutors were investigating Signature Bank’s work with crypto clients before regulators suddenly seized the lender this past weekend, according to people familiar with the matter. Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering by clients — such as scrutinizing people opening accounts and monitoring transactions for signs of criminality, the people said. It’s unclear when the probes involving Signature Bank were opened and whether it had any effect on the decision by state regulators to close the bank on Sunday. Signature’s collapse follows last week’s demise of Silvergate Capital Corp, which also catered to the crypto industry, and SVB Financial Group’s Silicon Valley Bank.

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