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What became of Silicon Valley Bank?

Silicon Valley Bank (SVB) is a financial services company that provides banking and financial services to technology and life sciences companies. The company was founded in 1983 and is headquartered in Santa Clara, California. It is the largest bank in the world dedicated to serving the needs of technology and life sciences companies. In 2020, SVB reported total assets of $111.4 billion, total deposits of $59.7 billion, and total loans of $71.3 billion.

In 2021, the bank was forced to pay a $35 million fine to the US Department of Justice over allegations that it had failed to properly report suspicious activity involving hundreds of millions of dollars. The investigation was conducted by the US Attorney’s Office for the Northern District of California, which found that the bank had failed to comply with the Bank Secrecy Act by not filing suspicious activity reports (SARs) and not following other anti-money laundering requirements. The bank has since implemented a number of changes, including hiring additional compliance staff and implementing more robust anti-money laundering processes.