The Financial Crimes Enforcement Network fined Puerto Rico's Bancredito International Bank & Trust Corp. $15 million Friday and revoked the company's license, marking the bureau's first crackdown against an "international banking entity," or IBE, for anti-money laundering breaches. FinCEN disclosed the penalty roughly a year after federal prosecutors charged bank founder and majority owner Julio Herrera Velutini with bribing then-Gov. Wanda Vazquez in 2020 to replace the head of the Office of the Commissioner of Financial Institutions, or OCIF, the company's primary AML regulator, and thus quash an investigation into unreported suspicious transactions. Velutini, referred to as "Executive A" by...
A new U.S. rule promises to bolster oversight of sparsely regulated private banks in Puerto Rico and other U.S. state-chartered institutions for anti-money laundering purposes, sources told ACAMS moneylaundering.com.
The U.S. Treasury Department on Thursday published a plan to impose anti-money laundering rules on hundreds of financial institutions providing banking services in the United States without federal oversight or insurance.
U.S. prosecutors returned more than $53 million that they seized from Banco San Juan Internacional last year as part of a civil action taken against the Puerto Rican lender for allegedly violating U.S. sanctions and the Bank Secrecy Act, or BSA.