Puerto Rico Bank Shareholder Sues Over US Money Laundering Deal

The shareholder of a Puerto Rican bank at the center of a corruption scandal that brought down the US territory’s former governor sued the company liquidating the bank’s assets over a $15 million anti-money laundering settlement with US regulators.

Bancredito Bank Holding Corp., the New York-based shareholder of Bancredito International Bank & Trust Corp., alleges that Driven Administrative Services LLC, the firm in charge of liquidating the bank’s assets, failed to keep the shareholder in the loop while negotiating the settlement with the Financial Crimes Enforcement Network. FinCEN, the Treasury Department’s anti-money laundering enforcement unit, announced the settlement with Bancredito ...