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FDIC Cites Miami Bank for AML Monitoring, Training Weaknesses
By Brian Monroe
printFederal and state regulators told a Miami, Florida-based bank to improve nearly every aspect of its anti-money laundering program, including increasing its scrutiny of high-risk accounts and improving its suspicious activities reporting process. The Federal Deposit Insurance Corp. (FDIC), in a cease-and-desist order signed Friday, ordered Ocean Bank of Miami to provide job-specific training for compliance staff, the bank said today in a statement. The FDIC confirmed the enforcement action but declined to say when it would be released. The bank said it has already responded to issues raised in the order, issued jointly with the Florida Office of Financial...
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