“On several occasions prior to November 2022, Lane and Fraher – and through them SCC – became aware that the Bank had serious deficiencies in its BSA/AML compliance program,” the complaint said. “In addition, through the results of multiple examinations of Silvergate by the Federal Reserve, through the Federal Reserve Bank of San Francisco (the ‘FRBSF’), Lane and Fraher should have known that there existed critical deficiencies in the Bank’s BSA/AML compliance program.”
Related posts
-
Sacked Northern Data Execs File Suit Against Tether-Backed Company, Alleging Fraud
In their recently unsealed California lawsuit, the two executives – Joshua Porter and Gulsen Kama –... -
U.S. Added 206K Jobs in June, Topping Estimates for 190K
The U.S. employment market remained strong in June, with the U.S. Bureau of Labor Statistics reporting... -
U.S. Crypto Stocks Sink in Pre-Market Trading as BTC Slumps
Software company MicroStrategy, which holds over 210,000 BTC, and bitcoin miner Hut 8 led declines as...