(Reuters) – Credit card firm Capital One Financial Corp has been fined $ 390 million for committing what the U.S. government called deliberate and negligent violations of the Bank Secrecy Act, an anti-money laundering law, a ministry office said of Finance Friday.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a statement that Capital One admitted that it deliberately failed to implement and maintain an effective program to protect against money laundering, 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” related to a business unit known as the Check Cashing Group.
“The failures described in this enforcement action are outrageous,” FinCEN director Kenneth Blanco said in a statement.
The violations occurred from at least 2008 through 2014 and resulted in millions of dollars in suspicious transactions not being reported in a timely and accurate manner, FinCEN added.
Reporting by Arundhati Sarkar in Bengaluru; Editing by Will Dunham