Capital One, the bank lately dominating the celebrity-featured advertising space in this industry, and claiming to have “reimagined” banking, has now been fined by the authorities for ‘willful’ anti-money-laundering failures–for the second time in six months.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined America’s fifth-largest credit card issuer $390 million for engaging in willful and negligent violations of the Bank Secrecy Act, an anti-money laundering law.
FinCEN said in a statement that Capital One admitted that it failed to file “thousands of suspicious activity reports” and “thousands of Currency Transaction Reports” with respect to a business unit known as the Check Cashing Group
“The violations occurred from at least 2008 through 2014 and caused millions of dollars in suspicious transactions to go unreported in a timely and accurate manner,” FinCEN added.
Capital One acquired the check-cashing group when it bought New York-based North Fork Bank in 2006 for $14.6 billion and shut it down 8 years later. CLICK for complete article