Signature Bank, a pro-crypto bank, was reportedly being investigated by two US government bodies for potential money laundering prior to its collapse. According to a report by Bloomberg, the Justice Department was examining whether the bank had taken effective measures to detect potential money laundering by its clients.
A separate inquiry by the Securities and Exchange Commission (SEC) was also reportedly “taking a look” at the bank. It is unclear when the examinations began and what effect, if any, they had on the recent decision by New York state regulators to close the bank. The bank and its staff are not accused of any wrongdoing and the examinations may be concluded without any charges or further action taken by the SEC or the Department of Justice.
