The U.S. Securities and Exchange Commission (SEC) sued Silvergate Capital Corporation, accusing it of making false statements to the public about its anti-money laundering (AML) procedures. The SEC said Silvergate failed to detect nearly $9 billion in suspicious transfers from FTX and its related entities, and that its bank secrecy law and AML compliance programs were inadequate and failed to adequately or automatically monitor approximately $1 trillion in suspicious bank transactions that occurred on SEN. In addition, the SEC accused the bank of providing false or misleading information to U.S. senators. The lawsuit also involved Silvergate Bank's CEO Alan Lane, former COO Kathleen Fraher, and former CFO Antonio Martino. Silvergate agreed to pay a $50 million fine, Lane and Fraher agreed to pay $1 million and $250,000, respectively, and accept a permanent injunction, but Martino did not agree to a settlement. (TheBlock)
