Gibraltar Private Bank & Trust is being probed by the US authority for its compliance with the Bank Secrecy Act and anti-money laundering requirements.
The investigation is being carried out by the U.S. Attorney’s Office and the Department of Justice’s Asset Forfeiture and Money Laundering Section, reported the South Florida Business Journal.
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The bank has earlier been slapped a penalty of $65m as settlement to victims of Ponzi schemer Scott Rothstein. Rothstein used Gibraltar as well as TD Bank to hold trust accounts for his clients.
The disclosure of this probe comes after a consent order at last year end from federal banking regulators. The order highlighted steps the bank must take to regain compliance with BSA regulations.
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