Silvergate Bank Reaches an Agreement with SEC

The US Securities and Exchange Commission filed a lawsuit against Silvergate Capital Corporation, accusing the bank of false statements about its anti-money laundering protocols and pointing to suspicious transfers involving FTX.

The SEC named Silvergate’s former CEO, COO, and CFO in the complaint.

According to the SEC, Silvergate’s anti-money laundering compliance program was insufficient, particularly in regards to monitoring the Silvergate Exchange Network.

The SEC alleges that the bank failed to detect large and suspicious transfers made by FTX and its affiliates, totaling nearly $9 billion.