Credit card company Capital One has been fined for violating US law against money laundering

FILE PHOTO: The Capital One logo and check mark are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, USA, May 21, 2018. REUTERS / Brendan McDermid / File Photo

(Reuters) – Credit card company Capital One Financial Corp has been fined $ 390 million for involvement in what the US government has called intentional and negligent breaches of the Bank Secrecy Act, an anti-money laundering law, said on Friday. a Treasury Department office.

The Treasury Department’s Financial Crime Enforcement Network (FinCEN) said in a statement that Capital One acknowledged that it had deliberately failed to implement and maintain an effective money laundering prevention program, as required by law. (bit.ly/3qmXFji)

FinCEN said the financial services company acknowledged that it had not filed “thousands of suspicious activity reports” and “thousands of foreign exchange reports” on a business unit known as the Check Cashing Group.

“The failures highlighted in this enforcement action are flagrant,” FinCEN Director Kenneth Blanco said in a statement.

The breaches took place from at least 2008 to 2014 and left millions of dollars in suspicious transactions not being reported in a timely and accurate manner, FinCEN added.

Reporting by Arundhati Sarkar in Bengaluru; Montage by Will Dunham

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