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Miami Bank Penalized $250,000 for BSA, Recordkeeping Deficiencies
By Brian Monroe
printThe International Bank of Miami agreed to pay a $250,000 penalty to settle charges that it failed to capture information on high-risk customers and transactions as required by the Bank Secrecy Act. The 43-year-old bank, which primarily serves customers in South Florida, Central America and the Caribbean, also failed to score the risks of large transactions and wire transfers sent to foreign countries, the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) said in a civil money penalty released Thursday. The OCC also cited the bank, which has correspondent accounts with Latin American institutions, for failing to...
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