Driven P.S.C will act as monitor
The Office of the Commissioner of Financial Institutions has appointed an independent monitor for Banex International Bank, Inc., stepping up oversight after months of unresolved compliance problems, reporting discrepancies, and growing liquidity concerns.
The recent order names Driven, P.S.C. as monitor. OCIF said the appointment is preventive and does not amount to a takeover or receivership. The monitor will independently verify Banex’s compliance with a 2025 Consent Order and assess its financial condition.
OCIF said Banex had not fully implemented the required corrective actions. The bank had not strengthened internal controls, had not completed an independent look-back review of transactions, and had filed reports with unexplained discrepancies. Banex later amended its year-end 2025 Easy Call report after acknowledging that December data had been omitted “due to an error on our part,” raising questions about the reliability of its accounting systems.
The regulator also flagged more than $11.4 million in receivables owed by directors, officers, and affiliates. Some funds were tied to personal real estate and hospital investments by members of the Gasparini family. OCIF warned that the transactions could indicate that institutional funds were used to finance personal ventures, raising fiduciary and compliance concerns under Puerto Rico’s international banking laws.
The most pressing concern stemmed from the collapse of Euro Exchange Securities UK Ltd. (EESUK), a Banex-related entity controlled by the Gasparini family. In early June, the U.K. Financial Conduct Authority placed EESUK into special administration after determining that its assets were linked to criminal activity. That action effectively froze tens of millions of dollars Banex had recorded as “In Transit Account” funds. OCIF said it has no evidence indicating where the funds are or whether they are available.
The freeze created an immediate liquidity problem. As of June 5, 2026, Banex reported more than $61 million in deposits but only about $30 million in cash on hand, leaving a liquidity gap of roughly $28 million. OCIF said the gap raised serious questions about Banex’s ability to meet its obligations and remain stable.
Under the June 26 order, Driven will have unrestricted access to Banex’s records, systems, personnel, and facilities. It will review compliance with the Consent Order, the status of the look-back examination, liquidity and capital levels, and the impact of the EESUK collapse. The monitor will report monthly to OCIF, and Banex must pay all monitoring costs.
OCIF said the monitor’s appointment is not a takeover. But the order leaves open the possibility of stronger action if the monitor finds imminent harm, obstruction, or further deterioration. Those steps could include taking control of Banex or appointing a receiver under Puerto Rico banking law.
