The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse.

According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients.

It was noted the regulator was particularly concerned as to whether the bank was taking preemptive measures to monitor transactions for “signs of criminality” and properly vetting account holders.

A separate probe by the Securities and Exchange Commission (SEC) was also “taking a look” at the bank according to two anonymous sources. Details regarding the nature of the SEC’s probe were not reported.

It’s unclear when the investigations began and what effect, if any, they had on the recent decision by New York state regulators to close the bank.

It’s reported Signature and its staff are not accused of wrongdoing and the investigations may be finalized without any charges or further action taken by the SEC or the Department of Justice.

This is a developing story, and further information will be added as it becomes available.