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, regulators announced Wednesday. The bank entered into a settlement with federal and state regulatory agencies including the U.S. Treasury Department's Financial Crimes Enforcement Network. As the SWAT team of banking regulators, FinCEN usually gets involved only in serious anti-money laundering violations.
December 29, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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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