FinCEN Fines Puerto Rican Bank $15 Million

Posted 9/15/23

Financial Crimes Enforcement Network (FinCEN) assessed a $15 million civil money penalty against Bancrédito International Bank and Trust Corporation for willful violations of the Bank Secrecy Act and its implementing regulations.

Julio Martin Herrera Velutini, the founder of Bancredito International Bank & Trust Corp.has been indicted for a long list of financial crimes, precipitated by his ofer to finance the election campaign of Governor Wanda Vazquez if she would fire the Commissioner of Financial Institutions of Puerto Rico, which she did.

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