OCC Issues $100 Million Penalty Against Capital One

October 23, 2018

On Tuesday, October 23, 2018, the OCC issued a press release regarding an assessed $100 million civil money penaltyagainst Capital One for deficiencies in the bank’s BSA/AML programs. 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 a 2015 OCC order as previously required. The bank paid the assessed penalty to the U.S. Treasury.