The Financial Crimes Enforcement Network (FinCEN) announced that it assessed a $140 million penalty against USAA Federal Savings Bank (USAA) for violations of the Bank Secrecy Act (BSA), despite committing to the OCC in 2017 that their AML program would be improved.
This however was not the case, and USAA’s business grew faster than its Compliance program, which resulted in failing to meet its commitments to the OCC. USAA acknowledged its shortcomings and 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”. As regulators continue to increase their oversight, it becomes even more essential to ensure that business initiatives don’t outpace investment in the AML infrastructure needed to support those initiatives. To see the Consent Order, click here:
