America’s Capital One Bank Fined $100 Million Over Money Laundering Violations

America’s Capital One Bank Fined $100 Million Over Money Laundering Violations

By Wires | The Trent on October 24, 2018
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Capital One

A leading bank regulator on Tuesday, October 23, 2018, fined Capital One Bank 100 million dollars for failing to enforce anti-money laundering controls that have been in place for years.

Capital One failed to satisfy a 2015 consent order that demanded the bank improve its anti-money laundering policies, the Office of the Comptroller of the Currency, OCC, said in a statement.

“The Bank failed to timely achieve compliance with the 2015 Consent Order,” the OCC said in a new consent order that outlined the fine.

Capital One said it disclosed the issue to the OCC in July 2015.

“The consent order emanates primarily from prior banking relationships with certain cheque cashing service providers – a business we made the decision to exit in 2014,” the bank said.

“Since that time, we have worked diligently with our bank regulators to strengthen our processes and internal controls to ensure we address any concerns regarding our compliance processes.”

Read more at Reuters

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