Florida Office of Financial Regulation

State Regulator Confident Ocean Bank will Comply with Regulatory Agreement


~ Ocean Bank to improve the bank’s Bank Secrecy Act and
Anti-Money Laundering program to meet required standards. ~
Tallahassee, Fla (August 22, 2011) The Florida Office of Financial Regulation today affirmed its commitment to work with Ocean Bank, the largest privately-owned state-chartered commercial bank headquartered in Florida, to improve Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) program.  Today the Federal Deposit Insurance Corporation (FDIC) and Financial Crime Enforcement Network (FinCEN) announced Civil Money Penalties issued against Ocean Bank for violations of Bank Secrecy Act and Anti-Money Laundering requirements.  Concurrently, the U.S. Attorney’s Office of the Southern District of Florida announced it entered into a deferred prosecution agreement with the bank.   The OFR and FDIC also issued a Consent Order requiring Ocean Bank to comply with the BSA/AML regulations.
“The OFR will continue to monitor Ocean Bank’s efforts to enhance its BSA/AML program,” said Tom Cardwell, Commissioner of the Florida Office of Financial Regulation.  “We are confident the bank is committed to be in full compliance with the letter and spirit of the Consent Order and Agreement.”
OFR is a Florida state agency committed to protecting Florida’s citizens by carrying out the banking, securities and financial laws of the state efficiently and effectively and to providing regulation of business that promotes the sound growth and development of Florida’s economy.

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