Capital One will pay a $390 million civil penalty after admitting to engaging in both willful and negligent violations of the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) announced Jan. 15.
The details: From at least 2008 through 2014, Capital One offered banking services to a group of between 90 to 150 check cashers in the New York/New Jersey area. The bank “was aware of several compliance and money laundering risks associated with banking this particular group, including warnings by regulators, criminal charges against some of the customers, and internal assessments that ranked most of the customers in the top 100 of the bank’s highest risk customers for money laundering,” FinCEN said in its press release.
