- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-02T13:50:00
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering (AML) program failed to properly monitor more than $1 trillion worth of customer transactions.
A penalty of $50 million assessed by the Securities and Exchange Commission (SEC) against the bank and its holding company, Silvergate Capital Corp., will be offset by the penalties Silvergate Bank will pay to the Fed ($43 million) and the California Department of Financial Protection and Innovation ($20 million), the SEC said Monday in a press release.
The SEC also charged Alan Lane, Silvergate Capital’s former chief executive, and Kathleen Fraher, its former chief risk officer, with misleading investors about the strength of its Bank Secrecy Act (BSA) and AML programs, while also charging Antonio Martino, its former chief financial officer, with misleading investors about the company’s losses from expected securities sales following the collapse of crypto-exchange FTX.
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Facing intense pressure from the banking industry, the Federal Reserve Board may scale back two controversial rule proposals aimed at reducing risks of bank failures in the event of a market downturn.
Manfred Bekeris, chief compliance officer at cypto peer-to-peer network Paxful, sat down with Compliance Week to talk about joining the company shortly before its former chief operating officer and co-founder pled guilty to violating the Bank Secrecy Act.
The Federal Reserve Board placed restrictions on Washington-based Farmington State Bank after taking issue with how the liquidating financial institution changed its business plan without seeking proper approvals.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
