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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

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New Jersey Attorney General settles lawsuit against merchant cash advance providers

CFPB Monitor

The New Jersey Attorney General recently announced a settlement in its lawsuit against Yellowstone Capital LLC, its parent company, and various subsidiaries and affiliates alleging that the defendants violated the New Jersey Consumer Fraud Act (CFA) and the New Jersey.

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Square Capital Distributed 76K PPP Loans Totaling $820M

PYMNTS

Square Capital LLC processed more than $820 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans in six weeks, the firm reported. Last year, Square Capital did $2.3 Of that number, 60 percent of the borrowers had never before received a loan through Square Capital.

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B2B FinTechs Overcome Pandemic VC Slump

PYMNTS

Talk of a venture capital plummet continues to grow, particularly in Europe, where new data from Consultancy Europe revealed that the number of venture capital deals for startups across the continent has declined every quarter since Q1 2019. with total funding nearly reaching $391.25 million this week. earlier this year.

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New Jersey Attorney General sues merchant cash advance providers

CFPB Monitor

The New Jersey Attorney General recently filed a lawsuit in New Jersey state court against Yellowstone Capital LLC, its parent Fundry.US

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Blockchain.com Unveils ‘Borrow’ Service

PYMNTS

The news comes after Valar Ventures lent a hand in a $30 million second round of financing for digital currency trading and lending platform BlockFi. The New Jersey-based company will use the money to begin work on additional projects and bolster staff. Binance, in one case, has rolled out similar services.

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Thought starter: Top challenges accountants face and actionable ideas to solve them

Abrigo

Recently, Accounting Today’s editor-in-chief Daniel Hood spoke with Ralph Thomas , the CEO and executive director of the New Jersey Society of CPAs, to have a candid conversation about the challenges currently facing accountants for the website’s video series.