Analysis

Capital One AML Remediation Stopped More Devastating Blow

By Al Barbarino (January 20, 2021, 6:24 PM EST) -- The U.S. Department of the Treasury has slapped Capital One with a whopping $390 million fine for anti-money laundering failures that led the bank to cash millions of dollars' worth of checks for customers tied to organized crime, but attorneys say remedial efforts spared it a much more debilitating penalty.

The Treasury's financial crimes unit, known as the Financial Crimes Enforcement Network, or FinCEN, said in Friday's settlement order that it took into account Capital One's "extensive" remedial steps when assessing the penalty, including the bank's self-reporting and back-filing of over 50,000 currency transaction reports, the tripling of AML staff and...

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