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#: Feds were reportedly investigating Signature Bank before its seizure

“: Feds were reportedly investigating Signature Bank before its seizure”

Signature Bank of New York was being investigated by the U.S. Justice Department for its work with crypto clients before it was seized by regulators over the weekend, according to a new report.

Bloomberg News reported late Tuesday that federal prosecutors were investigating whether the bank was taking the necessary steps to identify potential money laundering by clients. The Securities and Exchange Commission was also investigating the bank, Bloomberg reported.

It was unclear when the investigations were opened, and the bank has not been accused of wrongdoing. Bloomberg said it remains unclear whether the investigations played a part in regulators closing Signature Bank on Sunday.

In a joint statement Sunday, the Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. cited a “systemic risk” in Signature Bank’s closure.

Separately, the Wall Street Journal reported Tuesday that the Justice Department and SEC have opened investigations into the collapse of Silicon Valley Bank last week.

Also on Tuesday, the Journal reported the Fed is considering tougher rules for midsize banks, such as higher capital and liquidity requirements, as well as beefed-up annual stress tests.

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