The Department of Justice has dropped a deferred money-laundering case against the banking unit of Ocean Bankshares in Miami, the company announced Thursday.
In a federal action filed in August 2011, the $3.4 billion-asset company was accused of turning a blind eye to evidence that drug traffickers were using its bank accounts to launder money. It paid a fine of roughly $11 million in a settlement agreement. The agreement stipulated that prosecution would be dismissed after two years if Ocean took steps to improve compliance with the Bank Secrecy Act.
"We have worked diligently for several years to address all the issues that led to the agreement and to ensure that all of our systems and procedures dealing with anti-money laundering and Bank Secrecy Act regulations are in full compliance with the spirit and the letter of all federal and state regulations," president and chief executive Alfonso Macedo said in a press release. "Today's decision marks another significant step in Ocean Bank's continued advancement."