Banks are required to flag suspicious transactions that could be related to criminal activity. USAA's compliance was spotty, regulators say.
USAA faces fines totaling $140 million by two federal agencies for USAA Federal Savings Bank's"willful violations" of the Bank Secrecy Act.Regulators from two federal agencies have slapped USAA with $140 million in fines for what they say are failures to follow anti-money-laundering laws.
FinCEN imposed a $140 million civil money penalty for what it calls “willful violations” of the Bank Secrecy Act, though it agreed to credit $60 million to account for the separate set of fines independently levied on the company by the Office of the Comptroller of the Currency, which cited“As its customer base and revenue grew in recent years, USAA [Federal Savings Bank] willfully failed to ensure that its compliance program kept pace, resulting in millions of dollars in suspicious...
He added, “USAA has already made progress in many critical areas by investing in new systems and training, enhancing staffing and expertise, and improving our processes. And we have an unwavering commitment to the military community.” In one example described in the consent order, a USAA customer based in Los Angeles, who told the bank she had a “performance art company,” engaged in $125,000 of suspicious activity, much of labeled as art purchases with a foreign individual connected to an offshore entity named in the
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