The Office of Comptroller of the Currency and the Financial Crimes Enforcement Network on Thursday issued a $7 million civil money penalty against Pacific National Bank of Miami for Bank Secrecy Act violations and failing to comply with a previous regulatory order.
The agencies said the bank failed to adequately identify, monitor and report suspicious activities and conducted an inadequate audit of its high risk activities, including its relationships with foreign correspondent banks. The fine comes after the regulators found that the $358-million asset bank failed to comply with an OCC order in 2005.
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