Puerto Rico Regulator Shuts Down Banex International Bank After $24 Million Goes Missing

Puerto Rico's Office of the Commissioner of Financial Institutions (OCIF) ordered the immediate cease of operations of Banex International Bank, Inc., revoked its IFE-37 license, and appointed a receiver to liquidate the institution, after determining that the bank is insolvent and lacks the capital and liquidity needed to meet its obligations to depositors ¹. The order, signed by Commissioner Mónica Rodríguez Villa on September 22, 2026, follows an independent monitor's finding that more than $24 million recorded in an account labeled "In Transit" could not be located, traced, or confirmed ¹².

Banex operated in Puerto Rico under the island's International Financial Entities (IFE) regime, which allows island-based banks to serve clients outside Puerto Rico in exchange for tax benefits. OCIF had previously designated the firm Driven, P.S.C. as Banex's independent monitor, a step the regulator typically takes when it spots warning signs before intervening formally. It was that monitor's final report that uncovered the findings leading to the shutdown ¹.

According to OCIF, the situation worsened after United Kingdom financial authorities intervened in Euro Exchange Securities UK Ltd., an entity related to Banex. That intervention and the subsequent insolvency process in London left Banex funds frozen or inaccessible, further damaging its liquidity ¹³.

The numbers documented in the order paint a grim picture: more than $24 million missing from the "In Transit" account ¹²; more than $18 million in receivables owed to Banex by its sole shareholder and entities under his control, with no repayment date or plan ¹⁴; and $534,000 in proposed administrative fines, not yet final since Banex can contest them ¹. In a particularly serious finding, the monitor determined that the contributions Banex had reported as capital were actually made using funds tied to depositors, a matter now subject to further investigation ¹.

OCIF also filed a separate administrative complaint against Luis A. Gasparini, chairman of Banex's board, both individually and in his corporate capacity ¹. Driven, P.S.C. — the same firm that served as monitor — was named receiver and now controls the administration and liquidation of Banex's assets ¹². Banex must immediately stop accepting deposits, opening correspondent banking relationships, and executing transfers or withdrawals not expressly authorized by the receiver ¹.

What This Means for You

Banex is an international bank (IFE), which means that — unlike a commercial bank with branches on the island — it cannot accept deposits from Puerto Rico residents or offer local consumer accounts ¹. That's why most Puerto Ricans don't have funds directly trapped in this closure. Still, the case matters for several groups.

If you work in Puerto Rico's international financial services industry — accounting, private banking, compliance — this closure signals that OCIF is tightening oversight of a sector that generates well-paid professional jobs and that the island has actively cultivated to attract foreign capital ¹². If you have investments or any contractual relationship with Puerto Rico-based international financial entities, this is a reminder to verify that an institution is in good standing with OCIF before moving money to it. And for the island's broader economy, the IFE sector's reputation matters: cases like this one, with "missing" funds and receivables owed to the bank's own owner with no repayment plan, raise questions about how much real oversight these institutions get ¹⁴.

How to Do It / Checklist

If you have funds or a contractual relationship with Banex, or want to protect yourself from similar situations:

1. Do not make transfers or deposit additional funds with Banex: the order bars the institution from accepting deposits or executing transactions not expressly authorized by the receiver ¹.
2. If you have an account or pending claim, contact the appointed receiver, Driven, P.S.C., since all official communication about the liquidation will go through that firm ¹².
3. Gather and keep your documentation with Banex — account statements, contracts, correspondence — to support any claim during liquidation ¹.
4. Watch for formal instructions on how and when to file claims with the receiver; these processes typically take months.
5. Before placing money with any Puerto Rico-based international financial entity, verify its active license and regulatory history in OCIF's public directory at ocif.pr.gov ¹.

What's Next

Banex can appear in an administrative proceeding to challenge both the cease-and-desist order and the proposed $534,000 in fines, so the case isn't entirely closed legally, even though the summary measures — including the license revocation — are in effect immediately ¹. The separate complaint against Gasparini will follow its own administrative track ¹. Meanwhile, Driven, P.S.C. must identify, preserve, and liquidate Banex's assets to maximize recovery for depositors and other creditors, a process OCIF describes as "orderly" but which in similar cases can stretch on for months or years ¹⁴. Rodríguez Villa warned that OCIF "will act firmly" whenever it detects institutions operating without required capital or controls, suggesting closer scrutiny of the international banking sector in the coming months ¹.

Sources

1. Office of the Commissioner of Financial Institutions (OCIF), "Commissioner of Financial Institutions orders cessation of Banex International Bank operations, revokes its license, and appoints receiver for its liquidation," September 22, 2026. https://docs.pr.gov/files/OCIF/AVISOS-PUBLICOS/1b.%20OCIF_CP_OrdenBANEX_09-22-26.pdf
2. El Nuevo Día, "OCIF ordena la liquidación de otro banco internacional en Puerto Rico," Efraín Montalbán Ríos, September 22-23, 2026. https://www.elnuevodia.com/negocios/banca-finanzas/notas/ocif-ordena-la-liquidacion-de-otro-banco-internacional-en-puerto-rico/
3. El Vocero de Puerto Rico, "OCIF ordena el cierre de Banex International Bank," September 22, 2026. https://www.elvocero.com/economia/ocif-ordena-el-cierre-de-banex-international-bank/article_f2254743-fbd4-440d-b5a2-d822a3eaf01f.html
4. Sin Comillas, "OCIF ordena el cese de operaciones de Banex International Bank," September 22, 2026. https://sincomillas.com/ocif-ordena-el-cese-de-operaciones-de-banex-international-bank/