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Capital One Discloses AML Probe
[Photo: Alec Baldwin appearing in commercial on YouTube]
Investigation by NY District Attorney, Justice and Treasury departments focused on former check casher clients of commercial banking business
Capital One Financial Corp. is under investigation for its anti-money-laundering program, according to the company’s annual securities filing. The NY District Attorney’s Office, the Justice Department and the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department are looking into “certain former check casher clients” of its commercial banking business, and into its AML program.
In a November 2016 filing with the SEC, the bank reported that it had received subpoenas and requests for testimony, but not that it was being investigated.
As previously disclosed, Capital One has also been the subject of an open consent order with the Office of the Comptroller of the Currency since July 2015 over regulatory deficiencies in its AML program.
The OCC action has posed a hurdle for Capital One’s planned acquisition of the Cabela’s Inc. credit-card portfolio, raising the possibility another bank will snatch that deal away.
