On 8/22/11, FinCEN, the FDIC and the FL Office of Financial Regulation (OFR) issued a joint press release announcing Orders [FinCEN; FDIC] for the assessment of concurrent civil money penalties of $10.9 million against Ocean Bank, Miami, Florida, for violations of federal and state Bank Secrecy Act (BSA) and anti-money (AML) laundering laws and regulations. Ocean Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which was satisfied by a single payment to the U.S. Government. [In March 2007, the FDIC issued Ocean Bank a C&D relating to the alleged violations. See below.
The CMP Order alleges violations of the BSA and implementing regulations (31 CFR Chapter X, 12 CFR § 326.8 and 12 CFR Part 353), violations of the 2007 C&D and violations of applicable Florida statutes and regulations. The Orders cite the filing of a criminal Information and a Deferred Prosecution Agreement by the U.S. Attorney's Office, Southern District of Florida.