German Federal Financial Supervisory Authority (BaFin)

It is reported that the German Federal Financial Supervisory Authority (BaFin) has ordered the closure of the German branch of Silicon Valley Bank. Interpretation of this information: The recent announcement of the German Federal Financial Supervisory Authority (BaFin) ordering the closure of the German branch of Silicon Valley Bank (SVB) has sent shockwaves throughout the tech industry. BaFin has cited “deficiencies in risk management” as the reason for the closure, which, according to reports, is said to have resulted from a failure to implement adequate anti-money-laundering controls. The move by…