Regulatory Alerts2006-12-27 | 2006-09Added
Assessment of Civil Money Penalty Against Beach Bank
The Financial Crimes Enforcement Network assesses an $800,000 civil money penalty against Beach Bank and the Beach Bank Liquidating Trust for violations of the Bank Secrecy Act. The penalty addresses failures to implement an adequate anti-money laundering program and the late filing of suspicious activity reports involving over $1.6 billion in transactions. The parties consent to the penalty, which is satisfied by a single $400,000 payment to the Department of the Treasury and a $400,000 payment to the Florida Office of Financial Regulation.
Topics
Share