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Former compliance officer pays $2,500 CMP

Coral Gables, FL
03/15/2016
Fine Amount: 
$2,500
Issued by: 

The Office of the Comptroller of the Currency has issued a Consent Order for the payment of a $2,500 civil money penalty ("CMP") and order to cease and desist to Charles Sanders, former chief compliance officer/risk officer for Gibraltar Private Bank and Trust Company ("Gibraltar"), Coral Gables, Florida. The OCC previously issued a $4 million CMP order to Gibraltar (see "Gibraltar Private Bank to pay $4M BSA/AML CMP") for willful anti-money laundering compliance violations. Sanders was found to have failed to timely file suspicious activity reports after being informed by Gibraltar's bank secrecy act officer of activity of a customer later convicted of operating an illegal Ponzi scheme. The OCC also found that Sanders' failure to file the SARs were part of a pattern of misconduct that caused more than a minimal loss to the bank. He was also ordered to share a copy of the instant Consent Order with the Board of Directors of any financial institution with which he becomes affiliated in the future.

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