Three high-profile directors of Great Florida Bank stepped down a month after the bank's federal regulator ordered it to correct lax anti-money laundering controls. The U.S. Federal Deposit Insurance Corp. (FDIC) cited the two-year-old bank in a cease-and-desist order for inadequacies in nearly every component of its Bank Secrecy Act (BSA) compliance program and, among other things, operating "without effective board of directors oversight." The order, dated Nov. 17, required the bank to train all employees, including executives, directors and couriers, and obligated the board to oversee the revision and implementation of its written BSA compliance policies and approve its...
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