The California Department of Financial Protection and Innovation closed the bank on Friday.
The Silicon Valley Bank posted a job listing for a senior financial crimes manager on Friday, shortly before it was shut down by regulators.
The Federal Deposit Insurance Corporation said in a press release on Friday that SVB has been closed by the California Department of Financial Protection and Innovation, which has designated the FDIC as the recipient of the bank’s insured deposits.
On Friday, SVB posted a job opening for Senior Financial Crime Manager.
As part of the job description, the employee is expected to act “as a subject matter expert in interpreting regulatory changes associated with various due diligence processes, including customer due diligence and enhanced due diligence processes.”
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“This position in the client [Bank Secrecy Act] The risk is assessed by the potential client [Bank Secrecy Act]/[Anti-Money Laundering] takes risks before signing up to approve or reject a potential client, as well as to screen clients, which may change during their relationship and require approval throughout the duration of the relationship with the client,” the job description reads.
In a statement FDIC said that all insured depositors “will have full access to their insured deposits no later than the morning of Monday, March 13, 2023.” Uninsured depositors will be paid an upfront dividend within the next week, the FDIC said.
BANK OF SILICONE VALLEY IS CLOSED BY REGULATORS
One SVB executive was on the former executive team of Lehman Brothers Global Investment Bank until its collapse in 2008. Jospef Gentile, Chief Executive Officer of SVB, was Chief Financial Officer of Lehman Brothers Global Investment Bank and left in 2007.
Uninsured depositors will also receive a certificate of acceptance for the remaining amount of any uninsured funds.
The FDIC said the amount of deposits in excess of insurance limits has not been determined.
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The bank was 16th largest bank inside the United States and is the second largest bank in the United States that has closed since 2008.
As a result of regulators shutting down SVB, shares of other banks were volatile on Friday.
Credit: www.foxbusiness.com /