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Capital One pays $100M for AML compliance deficiencies

Jaclyn Jaeger | October 24, 2018

The Office of the Comptroller of the Currency announced has assessed a $100 million civil money penalty against Capital One and Capital One Bank for deficiencies in its Bank Secrecy Act/Anti-Money Laundering program.

The deficiencies cited in the OCC’s 2015 order against the bank include weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture, and correspondent banking processes; and failing to file Suspicious Activity Reports (SARs).

“The bank has failed to adopt and implement a compliance program that adequately covers the required BSA/AML program elements due to an inadequate system of internal controls and ineffective independent testing, and the Bank failed to file all necessary Suspicious Activity Reports (SARs) related to suspicious customer activity,” the consent order states.

Some of the critical deficiencies in the...

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