![]() ![]() But the OCC’s 20 consent orders did not address the lender’s “willful” failure to abide by the Bank Secrecy Act when serving check-cashing clients, focusing instead on its subpar controls for remote deposits and correspondent banking. The bureau disclosed the penalty roughly six-and-a-half years after the last violation occurred, and a little more than two years after the Office of the Comptroller of the Currency fined the lender $100 million for AML deficiencies that the regulator first identified in a July 2015.įinCEN took the OCC’s actions into account. Officials with the Treasury Department’s Financial Crimes Enforcement Network disclosed the latest penalty Friday, fining the McLean, Virginia-based institution $290 million for failing to adequately monitor the cashing of millions of dollars worth of checks by more than 100 customers from 2008 until the bank exited the business in December 2014.Īs a result of these lapses, tax evaders, fraudsters and other financial criminals, including Domenick Pucillo, who pleaded guilty in 2019 to laundering the proceeds of loan sharking and illegal gambling for the Genovese crime family, successfully funneled millions of dollars through Capital One, FinCEN found in a 22-page assessment of the civil monetary penalty. ![]() regulators pursue enforcement, sources told ACAMS. The $390 million in penalties assessed against Capital One in the past two years for deliberate anti-money laundering violations reveals the sometimes sluggish and opaque manner in which U.S. ![]()
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