The Office of the Commissioner of Financial Institutions of Puerto Rico has published an order appointing Driven, P.S.C. as independent compliance monitor for Banex International Bank, Inc. for an initial six months. The monitor will verify Banex’s compliance with its October 2025 consent order and assess its liquidity, capital, financial reporting, internal controls, related-party transactions and Bank Secrecy Act, anti-money laundering and sanctions compliance. The measure does not replace Banex’s board or management and is investigative and supervisory rather than a final adjudication. The office cited unresolved remediation and reporting issues, limited progress on a required look-back review and the impact of the U.K. intervention and insolvency proceedings involving affiliated Euro Exchange Securities UK Ltd. Banex’s June 5, 2026 trial balance indicated a potential liquidity deficiency of USD 28.1 million, with USD 61.2 million in customer deposits against USD 30.3 million in cash and USD 2.8 million in money-market investments. The regulator also raised concerns about USD 24.1 million recorded as funds in transit whose location or availability it could not verify, USD 11.4 million in receivables from directors, officers and affiliates, and total capital of USD 7.5 million. Banex must give the monitor immediate and continuing access to relevant records, systems, personnel and service providers, preserve physical and electronic evidence, cooperate fully and pay reasonable monitoring costs. The monitor must file an initial report within 60 days, monthly reports thereafter and special reports within 48 hours of identifying material breaches, urgent financial deterioration or obstruction. The office may extend the mandate in additional six-month periods or take further supervisory action.

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