DOJ Drops Money Laundering Case Against Miami Bank

Law360, Miami (August 22, 2013, 8:32 PM EDT) -- Ocean Bank announced Thursday that the U.S. Department of Justice has dropped charges from a deferred prosecution agreement, closing a 2011 case over the Miami bank's inadequate Bank Secrecy Act program.

The bank paid nearly $11 million as part of the deferred prosecution agreement it entered on Aug. 22, 2011, to resolve charges that it willfully failed to establish an anti-money-laundering program, according to the DOJ.

“We have worked diligently for several years to address all the issues that led to the agreement and to ensure...
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