(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