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Gibraltar Case Study
Gibraltar Private Bank & Trust is one of the top 10 largest banks by assets in Florida. They are a private banking and wealth advisory company offering a wide range of services to individuals and companies throughout the southeast and northeast region of the US. Gibraltar was very recently purchased by Iberia Bank and will operate as one of their subsidiaries.
Gibraltar’s past compliance troubles have been well-documented and widely reported. As recently as 2016, Gibraltar of Coral Gables was hit with a grand total of $4 million in fines related to BSA violations. The Financial Crimes Enforcement Network (FinCEN) fined them $1.5 million for failing to file suspicious activity reports (SARs) related to over $500 million in transactions. Not only was Gibraltar fined by FinCEN, but separately by the Office of the Comptroller of the Currency (OCC) for $2.5 million. In 2014 they were placed under consent order and advised to address certain deficiencies in their compliance program. Overwhelmed the challenges of dealing with identified deficiencies, having been under the microscope of regulators for years, Gibraltar turned to Global RADAR to assist with remediation efforts that included identifying high risk clients and updating the client profiles as part of a Know Your Customer project.
How Global RADAR Solved the Problem
Gibraltar Private Bank & Trust implemented Global RADAR as part of their plan to address their remediation efforts to ensure clients were properly risk rated and that the high-risk clients Know Your Customer profiles were comprehensive. Gibraltar needed to overhaul their Know Your Customer (KYC) and Customer Due Diligence (CDD) process and they turned to Global RADAR to address these requirements. With Global RADAR’s intuitive and easy-to-use interface, Gibraltar was able to quickly address these issues to the highest standards that met regulatory requirements.
We were facing some very difficult hurdles as an institution and we knew we had to take some drastic changes to address deficiencies identified by the regulators. With the pressures of dealing with a consent order for years and the regulators ongoing scrutiny, we turned to Global RADAR to overhaul our KYC / risk-rating systems. The intuitiveness of the application and the ability to customize every aspect of risk-rating was a huge bonus to us. Going with Global RADAR turned out to be a great decision for us.
~ Sara Christie
Executive Vice President and BSA Officer
Gibraltar Private Bank & Trust (Now IberiaBank)
Following the deployment of Global RADAR, Gibraltar’s Know Your Customer / Customer Due Diligence process and risk-rating remediation project was a success. Addressing the deficiencies of the consent order related to KYC/CDD with this tool, ensuring that client profiles were adequate, lead to the eventual lifting of the consent order. The speed and the reliability of the application made it possible to quickly turn around a department relying on systems that had been in need of enhancements.
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