Intercredit Bank, NA Mauricio E. Laniado CEO Intercredit Bank fined $200,000 for not complying with the bank secrecy act in prior years Miami, Florida
Miami-based Intercredit Bank agreed to pay a $200,000 fine to federal regulators as a penalty for not complying with the Bank Secrecy Act in prior years.
The consent order was issued on June 21 and made public by the Office of the Comptroller of the Currency on Friday. Intercredit Bank President and CEO Mauricio Laniado said it paid the fine in the second quarter.
The bank lost $4.3 million in the first six months of this year, but the $267 million-asset institution kept its capital ratios well above regulatory requirements as it raised capital from shareholders. It also closed several branches.
The fine came because Intercredit bank failed to comply with the Bank Secrecy Act, which regulates money laundering, and failed to file suspicious activity reports on certain accounts during 2006 and 2007.
Laniado said the bank didnt properly profile some customers and didnt monitor some transactions that should have been investigated.
Read more: Intercredit Bank fined $200,000 | South Florida Business Journal
Read more: Intercredit Bank fined $200,000 | South Florida Business Journal