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. In a civil complaint filed on March 19, Niurka Sanchez, formerly of Miami-based Ocean Bank's wealth management division, claims she was fired in November 2008 for reporting suspicious activity related to a wealthy Venezuelan customer and "intimate friend" of bank president A. Alfonso Macedo. The complaint makes no explicit reference to the filing of a suspicious activity report (SAR)-a disclosure that would be illegal under U.S. federal statutes. But James...
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.
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.