Bloomberg Law
March 17, 2022, 8:39 PM

USAA Federal Savings Bank Assessed a $140m Civil Money Penalty

Greg Chang
Greg Chang
Bloomberg News

USAA Federal Savings Bank was assessed a $140m civil money penalty for willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network said.

  • USAA FSB willfully failed to implement and maintain an anti‑money laundering program that met minimum requirements of the BSA from at least January 2016 through April 2021, according to the agency
  • USAA FSB will pay a total of $140m to U.S. Treasury for its violations, with $80m representing FinCEN’s penalty and $60m representing a penalty by OCC

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