Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Capital One to pay $390M for BSA/AML violations
The Financial Crimes Enforcement Network (FinCEN) has announced that Capital One, National Association, has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act and its implementing regulations. FinCEN determined and Capital One admitted to willfully failing to implement and maintain an effective anti-money laundering program. Capital One also admitted that it willfully failed to file thousands of Suspicious Activity Reports and negligently failed to file thousands of Currency Transaction Reports with respect to a particular business unit known as the Check Cashing Group.
The violations occurred from at least 2008 through 2014, and caused millions of dollars in suspicious transactions to go unreported in a timely and accurate manner, including proceeds connected to organized crime, tax evasion, fraud, and other financial crimes laundered through the bank into the U.S. financial system. Capital One admitted to the facts set forth by FinCEN and acknowledged that its conduct violated the BSA and regulations codified at 31 C.F.R. Chapter X.
For additional information, see "Capital One, NA, pays $390M for BSA violations".