October 23, 2018

Bank enters consent order for violating the Bank Secrecy Act

A civil penalty of $100 million has been assessed against Capital One, N.A. and Capital One Bank (USA), N.A.  The penalty was assessed by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC), and is based on deficiencies in the bank’s Anti-Money Laundering and Bank Secrecy Act compliance programs. A cease and desist order issued by the OCC in 2015 required the bank to achieve compliance in a timely fashion, and today’s order reflects the OCC’s determination that this has not been accomplished.

OCC press release | OCC consent order | OCC cease & desist order