Silvergate Bank, a crypto-friendly institution, has agreed to pay $63 million in settlements with the SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI). The regulators accused Silvergate’s parent company, Silvergate Capital Corp., of failing to maintain adequate anti-money laundering programs and making misleading disclosures about their effectiveness. The penalties include a $43 million fine from the Federal Reserve and a $20 million fine from California, which highlighted deficiencies in the bank’s internal transaction tracking. The SEC also imposed a $50 million fine, which is expected to be offset by amounts Silvergate pays to bank regulators. The settlement agreement remains subject to court approval.
Source: [Coindesk](https://www.coindesk.com/policy/2024/07/01/us-sec-sues-crypto-friend-silvergat…)
Tags: SEC, Silvergate, Silvergate Bank, California Department of Financial Protection and Innovation, Federal Reserve