Skip to content

Ocean Bank

08/21/2011
Fine Amount: 
10.9M
Issued by: 

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.

Penalties View All

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Penalties