Risk Mismanagement: A Blind Eye, A Bad Guy and the Fall of City National of New Jersey
It seemed a perfect match. Newark’s City National Bank of New Jersey was a tiny institution low on capital. Gustavo Hernandez Frieri was a Miami money manager connected to a Cayman mutual fund. Starting in 2014, City National transferred millions of dollars around the world for Frieri and other high-risk individuals. AML officers who balked were soon gone. But regulators and prosecutors took notice: In late 2019 the OCC seized the bank. Seven officers would get civil penalties for AML and SAR filing failures. Frieri pled guilty to his role in a $1.2 billion money laundering ring by politically exposed Venezuelans. This webinar examines a case that provides chilling lessons on turning a blind eye to lucrative but high-risk clients and activities.
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