Feds dismiss charges against Ocean Bank
08/22/2013 5:31 PM
08/23/2013 7:20 AM
Ocean Bank said Thursday that the U.S. Deparment of Justice has dismissed the charges against the Miami bank stemming from a deferred prosecution agreement, bringing an end to the 2011 case regarding the bank’s Bank Secrecy Act program.
“We have worked diligently for several years to address all the issues that led to the agreement and to ensure that all of our systems and procedures dealing with anti-money laundering and Bank Secrecy Act regulations are in full compliance with the spirit and the letter of all federal and state regulations,” said Ocean Bank President and Chief Executive A. Alfonso Macedo, in a statement.
Two years ago, Ocean Bank agreed to pay nearly $11 million to the federal government in a deferred prosecution agreement, to resolve charges that it willfully failed to establish an anti-money laundering program from 2001 through June 2008. The agreement followed a lengthy, multi-agency investigation, dubbed “Operation Dirty Dinero,” that delved into Ocean Bank’s handling of several of its customers’ accounts, including transactions with Mexican currency exchange houses, or “casas de cambio.”
In addition to charges that the bank failed to set up an anti-money laundering program, the U.S. Attorney’s Office said at the time that Ocean Bank failed to monitor potential money-laundering activity in five accounts allegedly used to launder narcotics money.
Oops, you haven't selected any newsletters. Please check the box next to one or more of our email newsletters and submit again.
Oops, you didn't provide a valid email address. Please double-check the email field and submit again.
Join the Discussion
Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.