(Bloomberg) -- Anchorage Digital Bank, a major cryptocurrency lender, failed to put in place controls to prevent money laundering and report suspicious transactions, according to a U.S. regulator. 

The Office of the Comptroller of the Currency said on Thursday that the bank’s compliance program last year lacked staff and internal processes to verify customers. Anchorage Digital, which didn’t admit or deny the OCC’s findings, agreed to correct the issues. 

The OCC’s action is a public rebuke for the firm, which has been at the vanguard of crypto lending. Anchorage Digital primarily offers services to institutional investors transacting in digital assets such as Bitcoin and Ethereum. It rose to prominence by getting preliminary approval last year to receive a charter, which lets it act as custodian to traditional banks.

“The OCC holds all nationally chartered banks to the same high standards, whether they engage in traditional or novel activities,” Acting Comptroller of the Currency Michael Hsu said in a statement. “When institutions fall short, we will take action and hold them accountable to ensure compliance with federal laws and regulations.”

In a statement, Anchorage Digital said it has “already been working to strengthen the areas identified and will continue to bolster these areas, reinforcing a new, digital asset standard” for internal controls and procedures to prevent money laundering. 

The OCC required Anchorage Digital to take several steps, including submitting a plan of corrective actions within 30 days and hiring a special officer to track and report on the firm’s anti-money laundering program.

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