Silicon Valley Bank Shut Down by US Regulators
The recent news of Silicon Valley Bank (SVB) being shut down by US regulators has been a shock to many. SVB is a major player in the technology industry, providing financial services to tech startups and venture capitalists. The bank was shut down due to its failure to comply with anti-money laundering regulations.The US Financial Crimes Enforcement Network (FinCEN) issued a cease-and-desist order against SVB on June 29th, 2020. The order alleged that the bank had failed to properly monitor and report suspicious activities, including transactions related to high-risk customers.