Regulatory Alerts2016-02-25 | 2016-01Added
Assessment of Civil Money Penalty Against Gibraltar Private Bank and Trust Company
FinCEN assesses a $2.5 million civil money penalty against Gibraltar Private Bank and Trust Company for willful violations of the Bank Secrecy Act from February 2008 through October 2014. The Bank failed to implement an effective anti-money laundering program, maintain an adequate customer identification program, and timely file at least 120 suspicious activity reports involving nearly $558 million in transactions. Gibraltar consented to the penalty and admitted to the factual findings regarding these compliance deficiencies.
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