Gibraltar Private Bank execs get BSA CMPs
The OCC issued civil money penalty orders against Elden LeGaux former SVP and director or Wealth management operations ($15,000 CMP), and William VanDresser, former EVP and managing director of wealth management ($35,000 CMP), Gibraltar Private Bank & Trust Company, Coral Gables, Florida, a federal savings association. The OCC found that both LeGaux and VanDresser recommended in 2013 that the bank open accounts for a family relationship (the Accepted Relationship) with close ties to a previously declined high BSA/AML risk relationship. The OCC found that LeGaux and VanDresser had failed to include information that they knew or reasonably should have known, such as reference to publicly available negative news, the Bank’s 2012 decision to decline the Declined Relationship, some of the close connections between the Accepted Relationship and the Declined Relationship, and that the source of funds would flow through a company owned and controlled by the Declined Relationship. The OCC also found that, after the BSA Committee approved the Accepted Relationship, the Bank incurred fees of approximately $109,000 to conduct a review of its processes and the Bank’s handling of the relationship. Ultimately, the Bank exited the Accepted Relationship and closed the accounts. VanDresser received approximately $26,000 in incentive compensation for onboarding the Accepted Relationship.
- See also February 2016 penalty entry Gibraltar Private Bank and Trust Company-- BSA/AML CMPs