Such controls of money laundering has been one of the biggest failures of the Pacific National Bank (PNB), principal subsidiary of Banco del Pacífico in Miami, so far.
The problems facing before the U.S. regulatory authority began in 2005, worsened in 2009 and reached its peak in 2011, when it was fined $ 7 million.
After the next evaluation routine, which starts in April, it will be known if the PNB finally managed to comply with all the provisions of the Office of the Comptroller of the Currency (OCC).
By then it is possible that the only U.S. licensed bank -since 1985- that Ecuadorians have, is sold or goes into liquidation. 42 days remain until the deadline to finalize the sale, unless the time is extended or permanently dissolved.
- The company, based in the prestigious Brickell area, received his first formal agreement, related to the level of capital, but was resolved.
- The bank was given its first order of supervision, which in practice is an intervention measure to cease and desist from any practice that prevents adequate monitoring of suspicious activities of money laundering. This occurred under the administration of Mauricio Laniado.
- Between 2000 and 2005, the Pacific recorded 47 reports of unusual actions over $136 million.
- Spanish Roberto González took the reins of the bank until February 2008, before being removed by the now candidate/president, Rafael Correa, before it managed to overcome the surveillance order.
- Andres Baquerizo, senior officer of the Pacific in Ecuador, assumed command until today. That year he received security measures and control disorder, by failing to maintain ongoing assessments according to the risk level of clients (85% was from Ecuador), accounts, transactions, services, loans, among others.
- Former CEO, Carl Wolf, in his lawsuit against the PNB, said Pedro Delgado, cousin of Rafael Correa demanded a reopening of multiple accounts that had been closed to meet the surveillance order of 2005.
- From January 2007 through July 2010 the PNB showed 421 reports of suspicious actions over $ 577 million, 76% more than between 2000 and 2005.
- The OCC imposed a new surveillance order, by repeated failures to implement anti-money laundering monitoring system.
- The PNB received a fine of $ 7 million and five officers were punished individually.