A Miami bank will pay nearly $11 million for maintaining accounts for over a decade for high-risk Mexican currency exchange houses linked to drug traffickers, the U.S. Justice Department said Monday. Ocean Bank officials were aware as early as 1996 that the accounts, held for businesses known as casas de cambio, were potentially being used to launder money for Colombian and other traffickers, including the Bernal-Palacios drug trafficking ring, the department said in a statement. At least one client received suspicious wires from the businesses beginning in 1990, the department said. Despite public warnings from the Justice Department, the Drug...
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.
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.