MIAMI (AP) – Florida’s largest private state-chartered bank has agreed to pay $10.9 million to the U.S. as part of a deferred prosecution agreement involving drug money laundering.

Federal prosecutors said Monday that Miami-based Ocean Bank failed to establish an anti-money laundering program. Investigators say they uncovered millions of dollars in suspicious transactions from Mexican drug cartels. The cartels used Mexican currency exchange houses.

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Court documents say Ocean Bank failed to report these suspicious transactions as required. Ocean Bank agreed in court papers that it failed to adequately comply with money laundering rules.

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The charges will be dismissed after two years if Ocean Bank takes a certain compliance steps. The bank says it is committed to having an effective program to combat money laundering and has already taken many of those steps.

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