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August 12, 2022
Finance Technologies

Capital One’s “wilful” AML failures land the bank a $290m penalty

Capital One Financial has landed itself a $290 million fine after it emerged the bank “wilfully” violated anti-money laundering (AML) requirements for six years. Between 2008 and 2014, the major US bank committed “both wilful and negligent violations” in breach of the Bank Secrecy Act. That’s according to Financial Crimes Enforcement Network (FinCEN), one of America’s Treasury Department bureaus. Capital One has admitted to all the bureau’s claims. They say it “wilfully failed to file thousands of suspicious activity reports (SARs) and negligently failed to file “thousands” of Currency Transaction Reports (CTRs). Capital One’s corporate headquarters in San Francisco Check…
Capital One’s “wilful” AML failures land the bank a 0m penalty

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