Silicon Valley Bank posted a senior manager, financial crime job listing on Friday, just before it was shut down by regulators.
The Federal Deposit Insurance Corporation said in a news release Friday that the SVB was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as the recipient of the bank’s insured deposits.
On Friday, the SVB advertised a vacancy for “Sr. Manager, Financial Crimes”.
As part of the job description, the associate is expected to “act as a subject matter expert in interpreting regulatory changes related to the various due diligence processes to include customer due diligence and enhanced due diligence processes.”
SILICON VALLEY BANK COLLAPSE: CALIFORNIA GOVERNOR SAYS HE’S WORKING WITH FDIC TO ‘STABILIZE’ SITUATION.
“This position at Client [Bank Secrecy Act] Risk Assessment Prospect [Bank Secrecy Act]/[Anti-Money Laundering] risks approving or rejecting the prospect prior to onboarding, as well as screening clients who may move throughout their relationship and require approval throughout the client’s relationship,” the job description reads.
In the statement, the FDIC said all insured depositors “will have full access to their insured deposits no later than Monday morning, March 13, 2023.” Uninsured depositors will receive an advance dividend within the next week, the FDIC said.
SILICON VALLEY BANK CLOSED BY REGULATORS
One SVB executive was on the former management team of Lehman Brothers’ Global Investment Bank before its collapse in 2008. Jospeph Gentile, Chief Administrative Officer at SVB, was Chief Financial Officer at Lehman Brothers’ Global Investment Bank and left the firm in 2007.
Uninsured depositors will also receive a receivership certificate for the remaining amount of any uninsured funds.
The FDIC said the amount of deposits exceeding the insurance limits has not yet been determined.
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The bank was the 16th largest bank in the United States and is the second largest bank in the United States to close since 2008.
Other bank stocks were volatile on Friday as a result of the shutdown of SVB by regulators.