SEC Accuses CryptoFriendly Bank Silvergate of Fraud Alleged Knowledge of Abnormal 9 Billion Flow to FTX

Yesterday, documents submitted to the Southern District Court of New York revealed that the SEC accused Silvergate, its former CEO Alan Lane, and former Chief Risk Officer Kathleen Fraher of failing to implement adequate measures to monitor records of customer fund transfers, including those involving FTX. This was deemed a violation of the Bank Secrecy Act and Anti-Money Laundering Compliance Program (BSA/AML).