OCC Assesses $2.5 Million Civil Money Penalty Against Gibraltar Private Bank and Trust Company for Bank Secrecy Act Violations

WASHINGTON —The Office of the Comptroller of the Currency (OCC) today announced a $2.5 million civil money penalty against Gibraltar Private Bank and Trust Company, Coral Gables, Fla., for violations of the Bank Secrecy Act.

The OCC found that the bank engaged in violations of 12 C.F.R. §§ 163.177 and 163.180 beginning in 2010 when it failed to maintain an effective Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program.

On October 15, 2010, the Bank consented to a Cease and Desist Order that required it to revise its policies, procedures, and systems related to its BSA/AML compliance program. On October 16, 2014, the OCC issued an updated Consent Order to replace the October 15, 2010 Cease and Desist Order.

The OCC is taking this enforcement action in coordination with the Financial Crimes Enforcement Network.

Related Link

• Consent Order for Civil Money Penalty (PDF)