Connect with us

Hi, what are you looking for?

Business News

Capital One Bank Fined $100 Million in U.S.

A leading bank regulator on Tuesday fined Capital One Bank 100 million dollars for failing to enforce anti-money laundering controls that have been in place for years.

Capital One failed to satisfy a 2015 consent order that demanded the bank improve its anti-money laundering policies, the Office of the Comptroller of the Currency (OCC) said in a statement.

“The Bank failed to timely achieve compliance with the 2015 Consent Order,” the OCC said in a new consent order that outlined the fine.

Capital One said it disclosed the issue to the OCC in July 2015.

“The consent order emanates primarily from prior banking relationships with certain cheque cashing service providers – a business we made the decision to exit in 2014,” the bank said.

“Since that time, we have worked diligently with our bank regulators to strengthen our processes and internal controls to ensure we address any concerns regarding our compliance processes.”

________

Follow us on Twitter at @thesignalng

Copyright 2018 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to www.signalng.com and other relevant sources.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Related

News

Nigeria risks losing the $493million it paid to the United States for the purchase of Super Tucano fighter jets over alleged defective runway, the...

News

China congratulated Joe Biden and Kamala Harris on winning the United States presidential election, ending days of speculation about when Beijing would formally acknowledge...

News

Former President Olusegun Obasanjo has congratulated Mr Joe Biden on his projected victory in the United States presidential election. He commended the former US...

News

As the final results of Tuesday’s United States presidential election are still being awaited in five states to decide who wins between President Donald...

Copyright ©