Capital One fined for violating US anti-money laundering law

Monday 18 January 2021 10:08 CET | News

Capital One Financial, a US-based credit card firm, has been fined USD 390 million for engaging in what the US government called wilful and negligent violations of the Bank Secrecy Act, according to Reuters.

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, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) mentioned.

FinCEN added in a statement that Capital One admitted to wilfully failing to implement and maintain an effective program to guard against money laundering as required by law. The financial services company 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, according to Reuters.

‘The failures outlined in this enforcement action are egregious’, FinCEN Director Kenneth Blanco said in a statement.

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Keywords: Capital One Financial, FinCEN, Bank Secrecy Act, money laundering, financial crime, bank, US, fraud prevention
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime

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