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prima:From Venezuela to Panama: the international banking scandals that have put Puerto Rico’s reputation in jeopardy

Non-compliance with money laundering regulations, freezing of customer deposits, and even criminal charges have affected dozens of institutions under the Regional Banking Center

September 10, 2025 - 2:54 PM

The Bancrédito case is perhaps the one that gained the most public notoriety, not necessarily because of the blatant patterns of noncompliance, but because its owner, Julio Herrera Velutini, was named in a federal lawsuit alongside former governor Wanda Vázquez Garced. (teresa canino rivera)

Since 2022, the Office of the Commissioner of Financial Institutions (OCIF) has cracked down on the oversight of International Banking and Financial Institutions (EBI and EFI, respectively), uncovering multiple violations of local and federal laws.

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