Documents submitted to the Southern District Court of New York yesterday show that the SEC has 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 FTX, in violation of the Bank Secrecy Act and Anti-Money Laundering Compliance Program (BSA/AML).
Silvergate a CryptoFriendly Bank Accused of Fraud by SEC Alleged to Have Known of Abnormal 9 Billion Flow from FTX