US Federal Reserve and Texas Department of Banking Hit United Texas Bank with Cease and Desist Order Over AML Violations Involving Crypto Firms
In a significant regulatory action, the US Federal Reserve and the Texas Department of Banking have issued a Cease and Desist Order against United Texas Bank for what they describe as “severe violations” of anti-money laundering (AML) regulations. The order is focused on the bank’s dealings with cryptocurrency firms, signaling growing scrutiny over financial institutions’…