OCC Assesses $100 Million Civil Money Penalty Against Capital One

WASHINGTON—The Office of the Comptroller of the Currency (OCC) recently assessed a $100 million civil money penalty against Capital One, N.A., and Capital One Bank (USA), N.A. for deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering program.

The deficiencies, cited in the OCC’s 2015 order against the bank, included 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 this civil money penalty, the agency found that the bank failed to achieve timely compliance with the OCC’s 2015 order, as required.

The bank paid the assessed penalty to the U.S. Treasury.

Related Links

• Consent Order for Civil Money Penalty (PDF)
• 2015 Cease and Desist Order (PDF)