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Occ Fines Capital One $100M Over AML Lapse

The Office of the Comptroller of the Currency (OCC) announced that it has fined Capital One $100 million due to shortcomings in the company’s Bank Secrecy Act and anti-money laundering programs.

“The deficiencies, cited in the OCC’s 2015 order against the bank, included weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent banking processes; and failing to file suspicious activity reports. In assessing this civil money penalty, the agency found that the bank failed to achieve timely compliance with the OCC’s 2015 order, as required,” the regulator explained in a press release.

It added that Capital One has already paid the fine to the U.S. Treasury.


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