SEC Sues Silvergate Capital for Failing to Monitor Customer Transactions and Making False Statements

   The U.S. Securities and Exchange Commission sued Silvergate Capital Corporation, accusing the crypto-friendly bank of making false statements to the public about its anti-money laundering procedures. The SEC claimed Silvergate's Bank Secrecy Act and AML compliance program were inadequate, and the bank failed to detect nearly $9 billion in suspicious transfers by FTX and its related entities. Silvergate and former COO agreed to settle the charges, paying a total of $51.25 million in fines