Continental National Bank disclosed Friday that it has signed a consent order with federal regulators aimed at shoring up its anti-money laundering safeguards.
The consent order with the Comptroller of the Currency addresses areas surrounding the Bank Secrecy Act, protections against money laundering, the government’s “know your customer” rules, and review and reporting procedures essential in meeting those regulations.
Under terms of the order, Continental must increase board oversight of Bank Secrecy Act compliance efforts, increase BSA compliance personnel and hire an outside party to assess the banks’ staff and resources, as well as update policies and procedures, an independent audit program and personnel training.
“We intend to be in complete compliance with all regulations on these issues and with the requirements of the order. Banks today have a very strict set of guidelines that must be followed. We are working on all the issues required in the consent order and are fully committed to having a strong and robust BSA program,” Guillermo Diaz-Rousselot, president and CEO of Continental National Bank, said in a statement. “Continental National Bank continues to be in an excellent financial position. ”
The Miami-based bank said it has already taken various steps to step up compliance with regulations in light of the consent order, which has been signed and will be made public next week. Continental said it has strengthened its BSA department with a new officer and additional staff and has formed a board compliance committee. The bank signed the order without admitting or denying fault.
Ryan C. Fyffe has been hired to oversee compliance issues, and 32 associates have been hired. Fyffe joined Continental National Bank as senior vice president, coming from Santander Bank, N.A., where he was the financial intelligence unit manager.
Continental National Bank, founded in 1974 in Miami as the first Cuban-American-chartered national bank in the United States, has five Miami-Dade branches with more than $490 million in assets.