FinCEN: Fines USAA $140 million for violating Bank Secrecy Act
- FinCEN announced that it has assessed a $140 million civil money penalty against USAA FSB for willful violations of the BSA
- USAA FSB admitted that it willfully failed to implement and maintain an anti‑money laundering (AML) program
- USAA FSB also admitted that it willfully failed to accurately and timely report thousands of suspicious transactions
- USAA FSB willfully failed to ensure that its compliance program kept pace
- The Office of the Comptroller of the Currency (OCC) assessed a civil penalty of $60 million for related violations
- For additional information regarding the facts and circumstances associated with this enforcement action
