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prima:Bancrédito processed hundreds of millions of dollars in suspicious transactions

The IBE founded by Venezuelan banker Julio M. Herrera Velutini faces a $15 million federal penalty after having admitted to violating key laws to prevent money laundering

September 16, 2023 - 12:39 PM

Archival note
This content was published more than 6 months ago.
Venezuelan banker Julio M. Herrera Velutini. (Carlos Rivera Giusti)

For almost seven years, Julio M. Herrera Velutini used his International Banking Entity IBEI) in Puerto Rico, Bancrédito International Bank & Trust Corporation, to process hundreds of millions of dollars in transactions of his own, associates, clients, and other foreign financial institutions that, due to their suspicious nature, should have been reported to federal authorities, but never were.

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