First BanCorp Lawsuit Statement

Key Terms

bank secrecy act regulatory

A federal law that requires banks and other financial firms to keep detailed records of large cash transactions and report suspicious activity to government authorities. Think of it as rules that force banks to keep clear ledgers and alert regulators when money moves look unusual. For investors, compliance affects a bank’s costs, legal and reputational risk, and the transparency used to judge the safety and conduct of financial institutions.

anti-money laundering regulatory

Anti-money laundering are rules, checks and processes banks and other financial firms use to stop criminals from hiding or moving illegal money. Think of it like ID checks and receipts in a store that make it harder to pass off stolen goods as legitimate; for investors, strong anti-money laundering controls reduce the risk of fines, shutdowns, and reputational damage that can wipe out shareholder value.

bsa/aml regulatory

BSA/AML refers to laws and programs designed to detect and prevent money laundering, fraud and other illicit financial activity by requiring banks and related firms to verify customer identities, monitor transactions, and report suspicious behavior. For investors, strong BSA/AML controls reduce legal, regulatory and reputational risk—think of them as a company’s financial hygiene and security system that, if weak, can lead to fines, business interruptions or loss of confidence that hurt shareholder value.

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SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico ("FirstBank"), is aware that a lawsuit has been filed against it in the United States District Court for the Southern District of New York alleging claims relating to banking services provided to Jeffrey Epstein following a bank acquisition in the U.S. Virgin Islands. The Corporation and FirstBank categorically deny the claims alleged in the complaint and intend to vigorously defend against them.

First BanCorp and FirstBank are committed to maintaining the highest standards of compliance, governance, and ethical conduct. As a highly regulated financial institution, FirstBank maintains a comprehensive Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance program designed to meet its legal and regulatory obligations, and, as a matter of ongoing practice, works cooperatively with its regulators and, where appropriate, with law enforcement authorities in support of the integrity and potential misuse of the banking system.

The Corporation is reviewing the complaint and will respond through the appropriate legal channels. Given that litigation is pending, FirstBank will not be providing further comment at this time.

About First BanCorp
First BanCorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC.

First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by such sections, including statements regarding the Corporation’s and FirstBank’s intent to defend against the referenced litigation and the possible resolution of the matter. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed, including the inherent uncertainties of litigation. Additional information concerning these factors is included in the Corporation’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260626645001/en/

Media Contact:
Ginoris López-Lay, EVP
Strategy Management Group
(787) 729-8200 x.82989 | ginoris.lopezlay@firstbankpr.com

Investor Relations Contact:
Ramón Rodríguez, SVP
Corporate Strategy and Investor Relations
(787) 729-8200 x82179 | ramon.rodriguez@firstbankpr.com

Source: First BanCorp