Silvergate, ex CEO & ex CRO charged with misleading investors over BSA/AML compliance

The US Securities & Exchange Commission (SEC), on 1 July, filed charges in a US District Court, in New York, that Silvergate Capital Corporation, owner of Silvergate Bank, now liquidated, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher deceived investors in stating that the bank had an effective Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programme and continuously monitored its high-risk cryptocurrency customers, including the FTX exchange.

The US Securities & Exchange Commission (SEC), on 1 July [2024], filed charges in a US District Court, in New York [1], that Silvergate Capital Corporation, owner of Silvergate Bank, now liquidated, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher deceived investors in stating that the bank had an effective Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programme and continuously monitored its high-risk cryptocurrency customers, including the FTX exchange.