Miami Beach-based Beach Bank was fined $800,000 for violating anti-money laundering laws and allowing more than $1 billion worth of suspicious financial transactions to go unchecked, federal and state regulators announced Wednesday.

The bank entered into a settlement with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corp. and Florida Office of Financial Regulation to resolve regulatory action against it.

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