Signature Bank was under federal investigation and now people know why

Signature Bank one of the banks that collapsed earlier this week apparently has more in its closet than originally known. According to reports, the bank was quietly under investigation for perceived money laundering activities. The Crypto friendly bank had been under investigation for several months but has not been formally accused of any wrongdoing.

Bloomberg reports that the bank was being eyed by the feds over concerns that they were not undergoing sufficient steps to detect and or mitigate (where possible) money laundering activities.