Month: July 2024

Written by FinCrime

Silvergate Pays $63 Million to Settle US Regulators’ Probes

Reported by Lydia Beyoud Silvergate, the California lender done in by the collapse of crypto exchange FTX, agreed to pay $63 million to settle state and federal probes on Monday. The Federal Reserve announced the penalties against the bank, owned by Silvergate Capital Corp. The Fed portion of the fine is $43 million, and the California Department of Financial Protection […]

Written by FinCrime

Citi was money launderers’ favourite bank, US law enforcement officials say

Reported by Joe Miller and Stephen Gandel Drug traffickers chose to launder money through Citigroup because they believed the bank was “more favourable”, with less robust fraud controls, according to senior US law enforcement officials. In an indictment unsealed last week, US prosecutors detailed how two California residents, who allegedly worked with the notorious Sinaloa cartel, deposited […]