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OCC Fines Against 5 Miami Bankers Spark Concerns at Financial Institutions
By Brian Monroe
printThe nation's top regulator of large financial institutions fined five former officials at a Miami bank Friday in a move some say could be a sign of more aggressive enforcements against individuals. The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) issued the fines against the former president, chairman, board members and outside directors of Ecuador-owned Pacific National Bank. The fines, issued for anti-money laundering (AML) compliance lapses, totaled more than $50,000. The agency penalized the individuals-including former president and chief executive Ralph Fernandez and chairman of the board Andres Baquerizo-for failing to comply with a December...
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