Capital One Eyed in Anti-Money-Laundering Probe
Here is what is in the capital a financial portfolio: Requests for information from federal and state investigators on the anti-money laundering program of the US banking giant.
Investigations by the Ministry of Justice, the Financial Crime Control Network of the Ministry of Finance and the Manhattan District Attorney's Office in New York focus the "some old customer checks" of Capital One's commercial banking activities Respect
Disclosure reformulated the information that the bank has reported in the previous documents with the Securities and Exchange Commission. Researchers have also requested information on internal safeguards required by the bank to prevent money laundering, said one capital, adding that it is cooperating with all agencies.
Capital One also noted that it is already subject to a 2015 consent order with the Office of the Comptroller of the Currency "regarding regulatory gaps" in the bank's anti-money laundering program.
Shares of Capital One Financial (COF) closed marginally at $ 92.61 on Friday.
The latest version of the bank provided no further information on the investigation. However, the OCC consent order concluded that Capital One "was not to adopt and implement" an adequate anti-money laundering program, "because of inadequate internal control system ineffective independent tests."
The bank also did not submit mandatory reports "related to suspicious activity by customers," the order said.
Capital One has neither admitted nor denied the findings, but given its consent to the OCC order. The action has forced the bank to present a comprehensive anti-money laundering plan to carry out a risk assessment of money laundering with each line of business for Capital One and develop procedures to carry out credit checks on customers from the bank.
The ordinance in the OCC's consent is a complicating factor in the announcement made in October by Capital One a year to plan to issue credit cards to branded customers Cabela (CAB), chain of stores specializing in hunting, Fishing and other outdoor facilities in Nebraska.
The deal parallels the $ 4.5 million deal proposed by Bass Pro Shops to buy Cabela. The Federal Trade Commission requested more information about the acquisition in late December of Cabela disclosed in a SEC filing.
Bass Pro Shops Cables $ 4.5 billion Cabela
During the earnings call capital one last month, CEO and President Richard Fairbank to financial analysts that the agreement requires the approval of the Federal Bank Cabela Fusion Act of OCC. But the bank does not expect its approval before October 3, when parties to the credit card contract or retailer of the merger could choose to end the transaction, he said.
If Capital One withdraws its application for approval from the OCC or if the regulator refuses, Fairbank said the bank would not be able to refilier "until we have completed our low work for the washing of consent."
"We all work incredibly," Fairbank said. "We work with Cabela. We are very committed to this transaction, and we believe this can be a good business for us and for Cabela, Bass Pro."
Investigations by the Ministry of Justice, the Financial Crime Control Network of the Ministry of Finance and the Manhattan District Attorney's Office in New York focus the "some old customer checks" of Capital One's commercial banking activities Respect
Disclosure reformulated the information that the bank has reported in the previous documents with the Securities and Exchange Commission. Researchers have also requested information on internal safeguards required by the bank to prevent money laundering, said one capital, adding that it is cooperating with all agencies.
Capital One also noted that it is already subject to a 2015 consent order with the Office of the Comptroller of the Currency "regarding regulatory gaps" in the bank's anti-money laundering program.
Shares of Capital One Financial (COF) closed marginally at $ 92.61 on Friday.
The latest version of the bank provided no further information on the investigation. However, the OCC consent order concluded that Capital One "was not to adopt and implement" an adequate anti-money laundering program, "because of inadequate internal control system ineffective independent tests."
The bank also did not submit mandatory reports "related to suspicious activity by customers," the order said.
Capital One has neither admitted nor denied the findings, but given its consent to the OCC order. The action has forced the bank to present a comprehensive anti-money laundering plan to carry out a risk assessment of money laundering with each line of business for Capital One and develop procedures to carry out credit checks on customers from the bank.
The ordinance in the OCC's consent is a complicating factor in the announcement made in October by Capital One a year to plan to issue credit cards to branded customers Cabela (CAB), chain of stores specializing in hunting, Fishing and other outdoor facilities in Nebraska.
The deal parallels the $ 4.5 million deal proposed by Bass Pro Shops to buy Cabela. The Federal Trade Commission requested more information about the acquisition in late December of Cabela disclosed in a SEC filing.
Bass Pro Shops Cables $ 4.5 billion Cabela
During the earnings call capital one last month, CEO and President Richard Fairbank to financial analysts that the agreement requires the approval of the Federal Bank Cabela Fusion Act of OCC. But the bank does not expect its approval before October 3, when parties to the credit card contract or retailer of the merger could choose to end the transaction, he said.
If Capital One withdraws its application for approval from the OCC or if the regulator refuses, Fairbank said the bank would not be able to refilier "until we have completed our low work for the washing of consent."
"We all work incredibly," Fairbank said. "We work with Cabela. We are very committed to this transaction, and we believe this can be a good business for us and for Cabela, Bass Pro."
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