Sunstate Bank in Miami has been released from an enforcement action that had required it to strengthen its anti-money-laundering controls.
The Federal Deposit Insurance Corp.'s Atlanta office terminated the $154 million-asset bank's consent order on Feb. 10. The FDIC had implemented the order in January 2014.
Sunstate, which is affiliated with Brazil's Banco Sofisa, had been required to assess and improve its AML and Bank Secrecy Act compliance systems, expand due diligence policies, strengthen compliance training and take other actions.
Gibraltar Private Bank & Trust in Coral Gables, Fla., was fined $4 million in February for failing to file suspicious activity reports between 2009 and 2013. The failure may have allowed a $1.2 billion Ponzi scheme to be perpetrated by Florida attorney Scott Rothstein, regulators said.