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.
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