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.
