Signature Bank, a cryptocurrency-friendly financial institution, was under investigation by two U.S. government bodies before its recent collapse.

According to reports, investigators from the Justice Department were examining whether the bank had taken enough measures to detect potential money laundering by its clients.

The regulator was particularly concerned about the bank’s pre-emptive measures to monitor transactions for “signs of criminality” and vetting account holders. A separate Securities and Exchange Commission (SEC) investigation was also underway, but details of its nature were not disclosed.

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

Reports indicate that Signature and its staff are not accused of any wrongdoing, and investigations may conclude without any charges or further action by the SEC or DOJ.

The news of the investigations came after a class-action lawsuit was filed by Signature shareholders against the bank and former executives for falsely claiming to be “financially strong” just three days before it was forcibly shut down.

Barney Frank, a former board member of Signature Bank, claimed that regulators wanted to send an “anti-crypto message” and that Signature Bank had become the “poster boy” despite having no insolvency based on the fundamentals.

Signature Bank’s collapse was part of a series of bank closures that also included Silvergate Capital and Silicon Valley Bank (SVB). Reports indicate that the DOJ and SEC have initiated separate investigations into the collapse of these banks.

The regulators will examine the events leading up to the collapse, including scrutinizing security filings that disclosed the sale of SVB shares by the firm’s CEO and CFO two weeks prior to its downfall.