Capital One credit card company fined for breaking US anti-money laundering law

(Reuters) – Credit card firm Capital One Financial Corp has been fined $ 390 million for engaging in what the US government has called willful and negligent breaches of secrecy law banking, an anti-money laundering law, a Treasury Department office said on Friday.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a statement that Capital One admitted to having willfully failed to implement and maintain an effective money laundering protection program as required by law. (bit.ly/3qmXFji)

FinCEN said the financial services firm admitted that it failed to file “thousands of suspicious activity reports” and “thousands of currency transaction reports” regarding a business unit known as check-cashing group.

“The failures described in this implementing measure are glaring,” FinCEN director Kenneth Blanco said in a statement.

The breaches occurred at least between 2008 and 2014 and resulted in millions of dollars in suspicious transactions not being reported in a timely and accurate manner, FinCEN added.