Another international bank with operations in Puerto Rico is under the scrutiny of the Office of the Commissioner of Financial Institutions (OCIF).

The state financial regulator ordered the appointment of a monitor after identifying a link to a financial institution that was taken over by UK authorities over alleged money laundering concerns.

According to the order signed by OCIF Commissioner Mónica Rodríguez Villa, Banex International Bank, Inc. is facing liquidity problems after millions of dollars in funds it held at Euro Exchange Securities UK Ltd. (Eesuk) were frozen. Eesuk was also placed under regulatory intervention last June by the United Kingdom’s Financial Conduct Authority (FCA).

“These facts have clear supervisory significance because they affect Banex’s liquidity position, the reliability of its financial statements, the adequacy of its capital, and its compliance with the Consent Order. Under these circumstances, OCIF is not required to wait until greater harm materializes before exercising its preventive supervisory powers,” the document states.

The measure, initially set for six months but subject to extension, seeks to independently verify whether the International Financial Entity (IFE)—wholly owned by Luis A. Gasparini—is complying with the Consent Order it entered into in October 2025. At that time, OCIF intervened after a regulatory examination uncovered deficiencies in the bank’s corporate governance, internal controls, and anti-money laundering (AML) program.

El Nuevo Día contacted Gasparini through the two email addresses listed in the order issued on June 26, requesting comment. As of publication, no response had been received.

The regulator appointed Driven, P.S.C. as the compliance monitor for the IFE, clarifying that the appointment does not constitute a receivership or a replacement of Banex’s management, but rather serves as an oversight mechanism. However, the agency reserved the right to take additional action if necessary.

Banex has operated under an International Financial Entity license issued by OCIF since February 2017, with its principal office located on Luis Muñoz Rivera Avenue in San Juan.

Originally, the institution was incorporated in June 2016 under the name Euro Exchange International Bank, according to the OCIF order.

Before the appointment of the monitor, OCIF conducted a safety and soundness examination in August 2023, identifying alleged deficiencies and regulatory violations. This resulted in the execution of the Consent Order, requiring Banex to implement a corrective action plan.

“Since the beginning of the administrative proceedings related to the matters addressed herein, OCIF has provided Banex with every opportunity to submit information, respond to regulatory findings, explain its position, and demonstrate compliance with its legal obligations and those imposed by the Consent Order,” the document states.

“Nevertheless, the administrative record reflects outstanding compliance and verification issues requiring immediate supervisory attention.”

In addition to the Consent Order, OCIF imposed restrictions on Banex from establishing new correspondent banking relationships. According to the procedural history of the case, Gasparini unsuccessfully sought to have the restriction lifted.

One of the regulator’s primary concerns involves the funds Banex held at Eesuk, a financial institution incorporated in the United Kingdom. According to OCIF, Eesuk is related to Banex and controlled by the Gasparini family.

Based on information released by OCIF, Banex was Eesuk’s largest client.

However, the UK authorities’ intervention in Eesuk and the subsequent insolvency proceedings resulted in the freezing of Eesuk’s assets, including the funds Banex had on deposit or in transit at the institution. As of May 31, Banex had more than $24 million deposited with Eesuk, according to OCIF.

“The financial information submitted by Banex reflects a material liquidity deficiency, creating a significant risk regarding its ability to meet obligations to depositors, correspondent banking clients, and regulatory requirements,” OCIF emphasized.

As of May 31, 2026, Banex reported nearly $51 million in deposits, compared with approximately $18.7 million in apparently available cash, distributed among six correspondent institutions. In addition, the IFE reported $37.6 million in assets whose availability was uncertain or suspended, according to the OCIF order.

After reviewing Banex’s audited financial statements as of December 31, 2024, and subsequent accounting records, OCIF identified alleged transactions benefiting members of the bank’s board of directors, raising additional regulatory concerns.

Among the transactions cited is the personal purchase of a property under construction by Board Chairman Luis A. Gasparini. According to OCIF, he signed a purchase agreement on December 10, 2023, for $2.35 million, making three payments of $235,000 each, totaling $705,000, which were recorded in the financial institution’s accounting records.

Additionally, OCIF found that Giancarlo Gasparini, then a member of the board of directors, personally invested $2 million to acquire shares in a hospital under an agreement dated March 24, 2022. That investment was subsequently incorporated into Banex’s accounting records as of March 31, 2024.

El Nuevo Día also requested an interview with OCIF Commissioner Mónica Rodríguez Villa to inquire about both transactions and other aspects of the order, but no interview had taken place by the time of publication.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.