Bank fined $100m over suspicious activity reports, poor anti-money laundering
24 Oct 2018

Capital One has been hit with a $100 million penalty by the United States’ Office of the Comptroller of the Currency (OCC) over a number of anti-money laundering breaches, including failing to file suspicious activity reports (SARs).

The OCC first raised the deficiencies in a 2015 order against the bank, highlighting weaknesses in its risk assessment, remote deposit capture and correspondent banking processes, as well as the failure to file SARs. This week, however, it announced that the bank ‘failed to achieve timely compliance with the order,’ as required.

Capital One paid the fine and, according to Reuters, said: “The consent order emanates primarily from prior banking relationships with certain check cashing service providers – a business we made the decision to exit in 2014.

“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.”

Advance your CPD minutes for this content, by signing up and using the CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.