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Regulators Order Beach Bank to Pay $800,000 BSA Penalty
By Matt Squire
printFederal and state regulators penalized a Florida bank $800,000 to settle charges that it violated the Bank Secrecy Act by failing to properly implement internal controls for money services businesses and correspondent banks to prevent possible money laundering. Beach Bank, based in Miami Beach, Fla., didn't adequately monitor such accounts or high-risk accounts, according to an order issued today by the U.S. Treasury Department's Financial Crimes Enforcement Network. As a result, the bank also failed to timely file suspicious activity reports. The deficiencies were identified in examinations by the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation....
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Two years after Beach Bank received a cease and desist order from the U.S. Federal Deposit Insurance Corporation for weak due diligences, the U.S. Financial Crimes Enforcement Network hit the Miami-based bank on Wednesday with an $800,000 penalty for the same issues.