As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
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.
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 judges decision Tuesday to allow discussion of alleged suspicious activity at a Miami bank is likely to draw the attention of financial regulators, according to current and former examiners.
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.