Banco Industrial De Venezuela Reaches Deal With Florida
Florida will allow Banco Industrial de Venezuela to keep operating in the state under a settlement "to resolve longstanding regulatory concerns," the state Office of Financial Regulation said Thursday.
"BIV will maintain a business presence in our state," the office said in a three-sentence statement.
The government-controlled Venezuelan development bank with an office in Miami's Brickell financial district agreed to a cease and desist order and $1.8 million fine in 2011 but was accused of violating the order in 2012.
Florida regulators filed an administrative complaint to yank BIV's Florida license for insufficient capital reserves and alleged money laundering violations, the same claims underlying the cease and desist order.
Bank attorney Carol Licko, a partner at Hogan Lovells in Miami, was not available for comment by deadline. She said when the complaint was filed that license revocation was not justified.
Former bank president Luis Rafael Quiro was arrested in 2009 for alleged corruption.