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- 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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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-09-12T12:46:00Z By Aaron Nicodemus
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.
2024-08-12T17:28:00Z By Aaron Nicodemus
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.
2023-08-18T14:50:00Z By Kyle Brasseur
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.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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