(Reuters) – Credit card firm Capital One Financial Corp has been fined $ 390 million for participating in what the U.S. government called intentional and negligent violations of the Bank Secrecy Act, a law against money laundering, a Treasury Department office said Friday.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a statement that Capital One admitted it did not implement and maintain an effective program to prevent money laundering as required by law. (bit.ly/3qmXFji)
FinCEN said the financial services company admitted that it did not file “thousands of reports of suspicious activity” and “thousands of reports of foreign exchange transactions” with respect to a business unit known as the Cash Collection Group. checks.
“The failures outlined in this enforcement action are flagrant,” FinCEN director Kenneth Blanco said in a statement.
The violations occurred at least from 2008 to 2014 and resulted in millions of dollars in suspicious transactions not being reported in a timely and accurate manner, FinCEN added.
Reports of Arundhati Sarkar in Bengaluru; Edited by Will Dunham