Capital One Fined $100 Million Over Anti-Money-Laundering Program
October 23 2018 - 2:53PM
Dow Jones News
By Kimberly Chin
Capital One Financial Corp. has paid a $100 million fine over
regulatory deficiencies in its anti-money-laundering program,
federal regulators said Tuesday.
The Office of the Comptroller of the Currency levied the fine,
saying the bank had several weaknesses in its compliance programs
and risk assessment and failed to file some suspicious activity
reports flagging potentially problematic transactions. The civil
penalty came after the OCC initially cited deficiencies at Capital
One in July 2015.
The bank has paid the fine to the U.S. Treasury, according to
the OCC.
A Capital One spokeswoman said that the issue resulting in the
fine was related to "prior banking relationships with certain check
cashing service providers." The bank said it left the business in
2014. The fine is part of resolving the consent order, she
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 compliance with federal
anti-money-laundering laws, the Capital One spokeswoman said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
October 23, 2018 14:38 ET (18:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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