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Ocean Bank to Pay Multi-Million Dollar Fine for AML Program Violations: Sources
By Brian Monroe
printA 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. Ocean Bank, which has $3.6 billion in assets according to its Web site, will pay the fine to the U.S. Justice Department and Federal Deposit Insurance Corp. (FDIC) for compliance weaknesses related to high-risk accounts and suspicious activity reports, according to a person who has reviewed documentation on the pending action. The bank has been the subject of a U.S. Justice Department inquiry "going on...
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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.