01-Jun-2010 :OCC CONSENT ORDER for Intercredit Bank, NA Miami, Florida

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ORDER FOR A CIVIL MONEY PENALTY

(1) Without admitting or denying any wrongdoing, the Bank hereby consents to the payment of a civil money penalty in the amount of two hundred thousand dollars ($200,000.00), which shall be paid upon execution of this Order…

STIPULATION AND CONSENT TO THE ISSUANCE
OF A CONSENT ORDER

The Comptroller of the Currency of the United States of America (“Comptroller”) intends to initiate a civil money penalty proceeding against Intercredit Bank, NA, Miami, Florida (“Bank”) pursuant to 12 U.S.C. § 1818(i) for its failure to maintain a system of internal controls to assure ongoing compliance with the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., in violation of 12 C.F.R. § 21.21, and for its failure to file Suspicious Activity Reports in violation of 12 C.F.R. § 21.11 all of which occurred at the Bank during the years 2006-2007; and

The Bank represents it is taking steps to correct these failures, and in the interest of compliance and cooperation, consents to the issuance of a Consent Order, dated 6/21/10 (“Order”); In consideration of the above premises, the Comptroller, through his authorized representative, and the Bank, through its duly elected and acting Board of Directors, hereby stipulate and agree to the following:

Detailed report link: here