Court documents show that a wrongful termination lawsuit at a Miami bank will partly hinge on whether the institution should have separately monitored the accounts of its wealthy Venezuelan clients. Niurka Sanchez, a former private banking officer for Ocean Bank, sued the company in March 2010 for allegedly firing her because she questioned anti-money laundering (AML) procedures in relation to an approximate $600,000 wire transfer from an account held by a close friend of bank President Alfonso Macedo into a Swiss bank account. Sanchez, who is Cuban, further claims in the lawsuit that she was marginalized in favor of Venezuelan...
An opinion by New York State's highest court could reanimate lawsuits against foreign banks alleged to have maintained accounts for blacklisted terrorist groups, even when the institutions have no physical U.S. presence.
A Miami-based bank is expected to agree to pay between $10 million and $15 million to the U.S. government in the next month for Bank Secrecy Act violations, according to individuals familiar with the matter.
A Florida judge will rule Tuesday whether attorneys can discuss the possible filing of a suspicious activity report that allegedly triggered a wrongful termination lawsuit against a Miami community bank.
The Federal Deposit Insurance Corp., 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.