Aug 22, 2013, 3:39pm EDT

http://www.bizjournals.com/southflorida/news/2013/08/22/department-of-justice-frees-ocean-bank.html

The Department of Justice has dropped its deferred case against Ocean Bank for violations of the Bank Secrecy Act and anti-money laundering laws.

The federal action was filed against the bank in August 2011 over allegations that Mexican currency exchanges were allowed to open accounts there without the proper scrutiny, but it was immediately put on deferred prosecution. The Miami-based bank paid an $11 million fine. The Department of Justice agreed to dismiss the charges after 24 months should the bank improve its compliance.

While the bank remains under an enforcement action with the Federal Deposit Insurance Corp. and state regulators, the criminal case has been resolved.

“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,” Ocean Bank President and CEO A. Alfonso Macedo stated in a news release. “This action is a recognition of our accomplishments and our dedication, and a testament to the hard work of our board of directors, our senior management and all of our employees.”

Ocean Bank added several new board members and its management has made the bank profitable and reduced its amount of problem loans. The bank was “adequately capitalized” on June 30 because it didn’t meet the capital ratio requirements of its enforcement action, but it has been closing in on that goal.