U.S. SEC Sues Silvergate Bank for AML Program Violations

Monday, 1 July 2024, 20:03
The U.S. SEC has filed a lawsuit against Silvergate Bank, accusing the institution of making 'misleading' statements regarding its anti-money laundering program. The allegations point to senior executives being informed of significant deficiencies in the bank's AML safeguards.
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U.S. SEC Sues Silvergate Bank for AML Program Violations

SEC Allegations Against Silvergate Bank

The U.S. Securities and Exchange Commission has taken legal action against Silvergate Bank for alleged violations related to its anti-money laundering (AML) program.

Executive Awareness of Deficiencies

According to the SEC, senior executives at Silvergate Bank were reportedly aware of 'critical deficiencies' in the AML protections of the institution.

  • SEC Lawsuit: Filed against Silvergate Bank for misleading AML statements
  • Executive Knowledge: Allegations point to awareness of AML program weaknesses
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