Credit card firm Capital One fined for violating US anti money laundering law

FILE PHOTO: Capital One’s logo and ticker is displayed on a screen on the floor of the New York Stock Exchange (NYSE) on May 21, 2018 in New York, US. REUTERS / Brendan McDermid / File Photo

(Reuters) – Credit card firm Capital One Financial Corp has been fined $ 390 million for engaging in a case of willful and negligent infringement by the Bank Security Act, money-laundering law, a Treasury bureau said.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a statement that Capital One acknowledged the singular failure to implement and maintain an effective program against money laundering as required by law. (

Finken said the financial services company admitted that it failed to file “thousands of suspicious activity reports” and “thousands of currency transaction reports” in relation to the business entity known as the Check Cashing Group.

“The failures mentioned in this enforcement action are serious,” FinCEN director Kenneth Blanco said in a statement.

FinCEN stated that the breach occurred at least during 2008 to 2014, and caused millions of dollars of suspicious transactions to become inaccessible in a timely and accurate manner.

Reporting by Arundhati Government in Bengaluru; Editing by Will Dunham


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