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.
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.
Countries should ease their privacy restrictions that hinder cross-border data-sharing on suspicious transactions, according to a Toronto-based intergovernmental group of financial intelligence units.
A former loss mitigation specialist at Chase Bank accepted $10,000 in bribes and illegally disclosed a suspicious activity report to the client it was filed on, a California jury said Monday.
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.
United Roosevelt Savings Bank and Eurobank, in cease and desist orders issued Tuesday, were instructed to look for transactions that should have triggered currency transaction reports or suspicious activity reports. Both were cited for other deficiencies in their anti-money laundering programs.
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.