Regulators issue enforcement action against Sunstate Bank

Federal and state banking regulators issued an enforcement action against Sunstate Bank of Miami in January, according to a report released on Friday.

Sunstate Bank agreed to a consent order, mandating that it boost the oversight of its board of directors, enhance its anti-money laundering policies and procedures, and develop and implement stronger internal controls, among other requirements.

According to the bank’s website, Sunstate Bank was founded in 1999 as Sofisa Bank of Florida, and changed its name in 2007. The bank operates branches in Palmetto Bay, Coral Gables and Cutler Bay.

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