Sunstate Bank in Miami has been released from an enforcement action that had required it to strengthen its anti-money-laundering controls.
The Federal Deposit Insurance Corp.'s Atlanta office terminated the $154 million-asset bank's consent order on Feb. 10. The FDIC had implemented the order in January 2014.
Sunstate, which is affiliated with Brazil's Banco Sofisa, had been required to assess and improve its AML and Bank Secrecy Act compliance systems, expand due diligence policies, strengthen compliance training and take other actions.
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WASHINGTON Regulators announced Thursday that they are imposing $4 million in fines against Gibraltar Private Bank and Trust Co. in Coral Gables, Fla., for defective anti-money-laundering programs.
February 25 -
There is concern that a decline in condo pricing could create loan problems similar to those that cropped up before the financial crisis. Bankers in the area, however, believe foreign investors would take the biggest hit.
February 16 -
Regulators continue to make Bank Secrecy Act compliance one of their top priorities, according to newly available information on enforcement actions.
March 3
Gibraltar Private Bank & Trust in Coral Gables, Fla., was fined $4 million in February for failing to file suspicious activity reports between 2009 and 2013. The failure may have allowed a $1.2 billion Ponzi scheme to be perpetrated by Florida attorney Scott Rothstein, regulators said.
