The Office of the Comptroller of the Currency has fined Capital One Financial Corp. (NYSE: COF) $100 million for its failure to adhere to a series of anti-money laundering guidelines established in a 2015 order by the agency.
Capital One, which paid the fine as part of a settlement to forestall legal action by the OCC, failed to adopt and implement a compliance program that covers bank security and anti-money laundering activities, according to the agency, including a failure to identify volumes of suspicious activity and file required reports on them. Capital One also lacked a companywide risk assessment process for money laundering and had “systemic deficiencies” in its customer due diligence, the OCC said in a report.
If investors are spooked at all, they’re not showing it. Capital One stock is up about 50 cents per share, and was trading at $87.56 early Wednesday afternoon. That is down from highs of around $100 per share the company reached in August.
And while $100 million is objectively…Read the full story from the Washington Business Journal.