FILE Photo: The brand and ticker for Cash A single are displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., Might 21, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) – Credit card company Capital 1 Economic Corp has been fined $390 million for partaking in what the U.S. federal government called willful and negligent violations of the Lender Secrecy Act, an anti-cash laundering legislation, a Treasury Division bureau explained on Friday.

The Treasury Department’s Monetary Crimes Enforcement Community (FinCEN) stated in a statement that Funds One admitted to willfully failing to carry out and manage an productive application to guard against revenue laundering as expected by legislation. (

FinCEN explained the economic services firm admitted that it failed to file “thousands of suspicious exercise reports” and “thousands of Forex Transaction Reports” with respect to a organization device regarded as the Look at Cashing Team.

“The failures outlined in this enforcement motion are egregious,” FinCEN Director Kenneth Blanco explained in a statement.

The violations happened from at least 2008 through 2014, and brought about hundreds of thousands of bucks in suspicious transactions to go unreported in a timely and correct manner, FinCEN additional.

Reporting by Arundhati Sarkar in Bengaluru Editing by Will Dunham