Bancrédito International fined US$15m by FinCEN for reporting, correspondent banking failings & lack of AML program

In FinCEN's first enforcement action against a Puerto Rican International Banking Entity (IBE), one of the oldest and some-time largest in that jurisdiction, Bancrédito International Bank and Trust Corporation has admitted to violations of the US Bank Secrecy Act (BSA) and will pay a US$15 million civil penalty.

In FinCEN's first enforcement action [1] against a Puerto Rican International Banking Entity (IBE), one of the oldest and some-time largest in that jurisdiction, Bancrédito International Bank and Trust Corporation has admitted to violations of the US Bank Secrecy Act (BSA) and will pay a US$15 million civil penalty.