FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.
Specifically, USAA FSB admitted that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the BSA from at least January 2016 through April 2021. USAA FSB also admitted that it 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.
Penalty for not implementing a legally required anti money laundering program…
This is a huge no no, they are lucky the fed didn’t just shut them completely down IMHO..
“...willfully failed to accurately and timely report thousands of suspicious transactions to FinCEN...”
Probably just GI’s juggling their meager funds. The filthy FinCEN is just another Union government entrapment agency.