Translated from lavadodinero.com Banco Industrial de Venezuela (BIV) decided to suspend Esperanza Matos Saad as vice president of its Florida branch in 1998 after she was accused of money laundering by the U.S. authorities. Under Florida's corporation indemnification statute, companies must assist their employees when they face legal problems related to their employment. But Matos said BIV did not help with her defense. So, after Matos was cleared on July 13, 2000, of all 10 charges of money laundering and one charge of conspiracy to commit money laundering, she initiated a crusade against BIV. Last month, Judge Robert Scola, of...
A Florida Supreme Court ruling denying court-ordered reimbursements by a foreign bank to a former vice president could leave some compliance officials liable for legal expenses stemming from money laundering investigations.
When financial institutions suspect an employee of fraud or abuse often their first instinct is to simply file a suspicious activity report with regulators and move to the next issue. But a SAR should be filed only after the financial institution has contacted law enforcement directly, experts say.
The FDIC, in its Ombudsman report issued Sept. 5, said it is working with other federal financial regulatory agencies to develop a tool that will allow banks to more easily check job candidates against their various lists of individuals who have been fined or sanctioned.