USA’s Financial Crimes Enforcement Network (FinCEN) has levied a civil money penalty of $140 million on USAA Federal Savings Bank (USAA FSB) for Bank Secrecy Act (BSA) violations to which the bank has admitted.
USAA FSB willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA from at least January 2016 through April 2021. USAA FSB also willfully failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity by its customers, including customers using personal accounts for apparent criminal activity.
Overall, USAA FSB will pay $140 million to the US Treasury for these violations. Of these, $80 million will go towards FinCEN’s penalty. The rest represent the penalty that the Office of the Comptroller of the Currency (OCC) has imposed on the bank.
Source: FinCEN, USA