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.READ MORE: COVID In Florida: Cases, Positivity Rates, Deaths Rise Amid Coronavirus Surge
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.READ MORE: 'Biggest Tragedy Is Preventable Loss Of Life': Memorial Healthcare System Chief Urges Public To Get COVID Vaccine
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.MORE NEWS: Florida Becoming Epicenter Of Coronavirus Outbreak
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