Regulatory Alerts2022-03-17 | 2022-01Added
Consent Order Imposing Civil Money Penalty on USAA Federal Savings Bank
FinCEN imposes a civil money penalty on USAA Federal Savings Bank for willful violations of the Bank Secrecy Act and its implementing regulations. The bank failed to maintain an effective anti-money laundering program, including inadequate staffing, deficient transaction monitoring systems, and flawed customer due diligence processes. These failures resulted in the willful non-filing of at least 3,873 Suspicious Activity Reports during the relevant period.
Topics
Share