The Office of the Comptroller of the Currency (OCC) has handed a $100m fine to Capital One Bank for AML deficiencies.
The regulator said it has recently assessed a $100m civil money penalty against Capital One and Capital One Bank (USA) for deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering program.
Cited in the OCC’s 2015 order against the bank, the deficiencies include weaknesses in its compliance program and related controls; deficiencies in its risk assessment, remote deposit capture and correspondent banking processes; and failing to file suspicious activity reports.
In assessing the penalty, the agency said it found that the bank failed to achieve timely compliance with the OCC’s 2015 order, as required.
Representatives from Capital One and Capital One Bank did not immediately respond to a request for comment.
In August, Capital One was reported to be looking to use blockchain for securing user authentication methods for instances such as banking security. Its aim is to create a blockchain-based system that receives, stores and retrieves encrypted user authentication data, which cited a filing on the patent application was released late last week.
Earlier this year, The Office of the Comptroller of the Currency (OCC) ordered Wells Fargo Bank to develop and implement an effective enterprise-wide compliance risk management program. After assessing the $500m civil money penalty against the Wells Fargo, it has ordered the bank to make restitution to customers harmed by its unsafe or unsound practices.
The US regulator also recently began accepting applications for national bank charters from non-depository FinTech firms. It said its decision is ‘consistent with bi-partisan government efforts’ at federal and state levels, with OCC saying it hopes the move will promote economic opportunity and support innovation that can improve financial services to consumers, businesses, and communities.
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