WSJ | 21.02.01
Apple Bank for Savings will pay the FDIC $12.5 million for allegedly failing to comply with the Bank Secrecy Act
Apple Bank for Savings agreed to pay $12.5 million to settle a regulator’s claims that it failed to comply with anti-money-laundering rules. The bank allegedly violated the Bank Secrecy Act, an anti-money-laundering law, between April 2014 and September 2018, the Federal Deposit Insurance Corporation said. The order was issued in December and made public on Friday.
Continue reading “New York Bank Fined For Anti-Money-Laundering Law Failures”
Treasury’s Financial Crimes Enforcement Network said the bank admitted it had failed to maintain effective controls in a check-cashing business.
The Treasury Department on Friday said it fined Capital One Financial Corp. for “willfully failing to implement and maintain” effective anti-money-laundering controls. As part of the settlement, Capital One admitted that it “willfully failed to file thousands of suspicious-activity reports,” according to the Treasury’s Financial Crimes Enforcement Network. The allegations pertain to a check-cashing group that Capital One acquired when it bought North Fork Bank in 2006.
Continue reading “Capital One Fined for Anti-Money-Laundering Deficiencies”