News

Two years after Beach Bank received a cease and desist order from the U.S. Federal Deposit Insurance Corporation for weak due diligence and monitoring of high risk accounts, the U.S. Financial Crimes Enforcement Network hit the Miami-based bank on Wednesday with an $800,000 penalty for the same issues. The penalty stems from the deficiencies reported by the FDIC in a 2004 order, as well as results of a look-back of suspicious transactions and high-risk accounts, according to Michael Kosnitzky, Beach Bank's chairman of the board. Examinations by the FDIC found;the bank "failed to implement an adequate system of internal controls"...