Puerto Rico international banking entity founded in 2008. Fined $15 million by FinCEN in September 2023 for Bank Secrecy Act violations and later wound down in receivership and liquidation.
● Latest status: in liquidation; $15M FinCEN penalty (2023) — its parent company disputed the action.
Updated · by JournoPulse Editorial
Julio Herrera Velutini founds the Puerto Rico–based international banking entity.
FinCEN later found the bank failed to file suspicious activity reports on time and lacked required AML controls.
Prosecutors allege Vázquez demanded the commissioner’s resignation and appointed a new one, a former consultant for Herrera Velutini’s bank.
Vázquez is arrested; Herrera Velutini (in England) and Rossini (in Spain) are charged. Herrera Velutini later pleads not guilty.
$15 million civil money penalty against Bancrédito. The parent company called it excessive and threatened legal action.
Vázquez pleads guilty to a campaign finance violation; the original bribery-related charges against Herrera Velutini are reported dismissed after a misdemeanor plea.
The Justice Department’s clemency list shows pardons for Vázquez, Herrera Velutini and Rossini; a White House official called the case “political prosecution.” Opposition figures condemned the move.
Who is involved
Banker; owner of Bancrédito
Venezuelan-born banker and owner of Bancrédito. Co-defendant in the 2022 federal case; pleaded not guilty in 2022. Reported to have been pardoned in January 2026.
Former Governor of Puerto Rico
Governor 2019–2021. Indicted in August 2022; pleaded guilty in August 2025 to a campaign finance violation; reported pardoned in January 2026.
Former FBI agent; consultant
Former FBI agent who provided consulting services to Herrera Velutini. Third defendant in the 2022 indictment; reported pardoned in January 2026.
Former OCIF Commissioner
Head of Puerto Rico’s financial regulator while it investigated Bancrédito. Prosecutors alleged efforts to remove him.
Commissioner of Financial Institutions (appointed 2020)
Named OCIF commissioner in 2020; prosecutors alleged he had been recommended by Herrera Velutini.
U.S. District Judge
Federal judge presiding over the criminal case in Puerto Rico.
Banks, regulators and courts
Puerto Rico international banking entity (IBE)
Bank founded in 2008, once among the largest IBEs in Puerto Rico. Fined $15 million by FinCEN in 2023; in receivership and liquidation.
Parent company / sole shareholder
Holding company that denied wrongdoing by the bank and threatened legal action over the FinCEN penalty.
U.S. Treasury — Financial Crimes Enforcement Network
Issued the September 2023 consent order and $15 million penalty under the Bank Secrecy Act.
Puerto Rico Office of the Commissioner of Financial Institutions
Local financial regulator that investigated Bancrédito and assisted FinCEN.
Federal court
Court that handled the criminal case against Vázquez, Herrera Velutini and Rossini.
Clemency records
Its list of clemency grants recorded the January 2026 pardons, according to Reuters.
Where it happened
U.S. territory
Home of Bancrédito, OCIF and the federal court handling the case.
Residence of Herrera Velutini
Court filings and reports describe the banker as residing in the UK.
Country of origin
Herrera Velutini is Venezuelan-born; the bank’s flagged transactions involved accounts linked to Venezuela and Panama.
Linked jurisdiction
FinCEN said monitoring failed on transfers tied to Panamanian service companies and individuals in Panama and Venezuela.
Key dated events
Sep 15, 2023
First FinCEN enforcement action against a Puerto Rican IBE and the first under the “Gap Rule”.
Aug 2022
Federal indictment of Vázquez, Herrera Velutini and Rossini over alleged political bribery tied to the 2020 campaign.
Aug 2025
Vázquez pleaded guilty to a campaign finance violation; reports say the original charges against Herrera Velutini were dismissed after a misdemeanor plea.
Jan 2026
Reuters reported pardons for Vázquez, Herrera Velutini and Rossini, dated January 15, 2026, ahead of scheduled sentencing.
What allegedly or officially occurred
Prosecutors alleged campaign support was promised in exchange for replacing the OCIF commissioner. Defendants denied wrongdoing; the matter ended in pleas and pardons rather than a trial.
Late suspicious activity reports, no due-diligence program for foreign correspondent accounts and no AML program, per the FinCEN consent order.
After regulatory intervention the bank went into a prolonged wind-down; it is still referenced in present tense in some filings.
BancreditoThe Bancrédito news centers on a major financial and political scandal in Puerto Rico involving Bancrédito International Bank and Trust Corp. and its founder Julio Herrera Velutini.
BancreditoAfter the legal case against its founder was closed, Bancrédito Holding Corporation is now focusing on recovering lost assets and holding responsible parties accountable.
BancreditoBancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.
BancreditoBancrédito International Bank has successfully repaid all cash owed to its depositors, demonstrating resilience and commitment to its clients following legal and regulatory challenges.
U.S NewsThe company is expected to align its internal policies with standards set by the Financial Crimes Enforcement Network under the Bank Secrecy Act, emphasizing stronger anti-money laundering (AML) and risk management practices.
Bancrédito International Bank & Trust Corporation was a Puerto Rico international banking entity founded in 2008 by Julio Herrera Velutini and serving foreign banks in Central America and the Caribbean.
FinCEN assessed a $15 million civil penalty on September 15, 2023 for willful Bank Secrecy Act violations between October 2015 and May 2022.
Yes. The bank is in a prolonged receivership and liquidation process under regulatory supervision.
Prosecutors alleged the bribery scheme aimed to remove the regulator investigating Bancrédito. The case ended in pleas and pardons rather than a trial.
This page summarises public reporting and court-related developments. Allegations are allegations, and statements by defendants, prosecutors and officials are attributed to them. Status as of the update date below; we will correct errors promptly (see our corrections policy).
