Davis Polk partner Dan Stipano discussed anti-money laundering compliance in Puerto Rico with Thomson Reuters Regulatory Intelligence.

Dan noted that recent remarks made by Andrea Gacki, the director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and Natalia Zequeira Diaz, Puerto Rico’s Commissioner of Financial Institutions, signal efforts to bolster AML compliance in the territory.

“Commissioner Zequeira made it clear in her remarks that while she is not trying to drive IBEs [international banking entities] out of existence, non-compliant IBEs will not be tolerated and her office is prepared to take tough actions against them,” Dan explained.

“Puerto Rico also recently enacted amendments to its IBE statute, which toughens requirements on IBEs and enhances the authority of the Banking Commissioner,” he added.

“Puerto Rican banks now under heightened, cooperative regulatory scrutiny for anti-laundering failures - U.S. official,” Thomson Reuters Regulatory Intelligence (February 27, 2024) (subscription required) 

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