Regulators were reportedly looking into Signature Bank prior to the firm being shutdown over the weekend.
Rep. Andy Barr, R-Ky., discusses the impact of Silicon Valley Bank's collapse and slams President Biden’s response on ‘Mornings with Maria.’
Even before the weekend collapse of Signature Bank, U.S. prosecutors already had the firm in its sights.Justice Department investigators in Washington and Manhattan were examining whether the New York bank took sufficient steps to detect potential money laundering, such as monitoring transactions for signs of criminality.
The Securities and Exchange Commission was also looking into it, according to people familiar with the situation. Signature Bank logo displayed on a phone screen and representation of cryptocurrency are seen in this illustration photo.The FDIC took control of the bank. released a statement over the weekend when authorities took steps to bolster US lenders and shut Signature.
"We will investigate and bring enforcement actions if we find violations of the federal securities laws," the SEC chief said at the time.The bank and its staff haven’t been accused of wrongdoing, and the investigation could end without further action.Regulators have been pressuring banks and other regulated firms to pull back from digital currencies and other assets to head off potential risks to the financial system.
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