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Regulators shift enforcement action against Gibraltar Private Bank

Banking regulators have replaced the 2010 cease and desist order against Coral Gables-based Gibraltar Private Bank & Trust with a consent order, the bank said Friday.

The new order removes certain prior mandates, including those related to asset quality and reporting, as well as the management of deposits and liquidity. The new order principally focuses on the continued enhancement of bank operations to monitor client transactions, including those relating to the Bank Secrecy Act and to anti-money laundering compliance issues, which were also part of the cease and desist order, the bank said.

In addition, a restriction on growth that was included in the previous cease and desist order has been eliminated, and a condition of the new order is the maintenance of certain minimum capital requirements.

Founded in 1994, Gibraltar Private is a private banking and wealth management bank with offices in Coral Gables, Fort Lauderdale, Miami, Miami Beach, South Miami, Naples, Ocean Reef and New York.

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