Regulatory Alerts2021-01-15 | 2021-01Added
Assessment of Civil Money Penalty Against Capital One, National Association
FinCEN assessed a civil money penalty against Capital One, National Association for violations of the Bank Secrecy Act committed between 2008 and 2014 within its Check Cashing Group. The Bank willfully failed to maintain an effective anti-money laundering program and willfully failed to accurately and timely file suspicious activity reports, while negligently failing to timely file currency transaction reports. These failures resulted in the unreported movement of millions of dollars in suspicious transactions, including proceeds connected to organized crime, tax evasion, and fraud.
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