Gibraltar Private Bank & Trust is a prestigious private bank headquartered in Coral Gables, Florida, known for its personalized approach to serving high-net-worth individuals, families, and businesses. With a comprehensive range of services, including private banking, wealth management, and trust solutions, the bank is dedicated to delivering tailored financial strategies and fostering long-term client relationships. As part of Iberiabank since 2017, Gibraltar Private continues to build on its legacy, providing exceptional financial services within a broader regional network.
Gibraltar Private Bank & Trust faced significant compliance challenges that garnered widespread attention. In 2016, the bank was hit with a $4 million total in fines for violations related to the Bank Secrecy Act (BSA). The Financial Crimes Enforcement Network (FinCEN) imposed a $1.5 million fine for failing to file Suspicious Activity Reports (SARs) on over $500 million in transactions. In addition, Gibraltar faced a separate fine of $2.5 million from the Office of the Comptroller of the Currency (OCC). The bank had previously been placed under a consent order in 2014, which outlined several compliance deficiencies that needed urgent remediation.
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To address these critical compliance shortcomings, Gibraltar Private Bank & Trust implemented Global RADAR as part of its comprehensive remediation strategy. The platform was integral in ensuring that clients were accurately risk-rated and that high-risk clients’ Know Your Customer (KYC) profiles were robust and thorough. Beyond meeting operational requirements, the added functionalities of Global RADAR enabled Gibraltar to refine its risk-rating process and fully align with regulatory expectations.
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The successful deployment of Global RADAR led to a significant improvement in Gibraltar’s KYC/Customer Due Diligence (CDD) processes, directly addressing the issues outlined in the 2014 consent order. By ensuring comprehensive and up-to-date client profiles, Gibraltar not only rectified previous compliance deficiencies but also achieved the eventual lifting of the consent order. This marked a key milestone in restoring the bank’s compliance standing and reinforcing its commitment to regulatory best practices.
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