U.S. SEC Sues Crypto-Friend Silvergate Bank, Alleging ‘Misleading’ Statements Around AML Program

“On a number of events previous to November 2022, Lane and Fraher – and thru them SCC – turned conscious that the Financial institution had critical deficiencies in its BSA/AML compliance program,” the criticism mentioned. “As well as, by the outcomes of a number of examinations of Silvergate by the Federal Reserve, by the Federal Reserve Financial institution of San Francisco (the ‘FRBSF’), Lane and Fraher ought to have identified that there existed crucial deficiencies within the Financial institution’s BSA/AML compliance program.”