RegAlert2022-03-17 | 2022-01Added · Updated
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.
FINCEN published 7 documents in the last 30 days — get each new one by email the day it lands.
UNITED STATES OF AMERICA
FINANCIAL CRIMES ENFORCEMENT NETWORK
DEPARTMENT OF THE TREASURY
IN THE MATTER OF: )
) Number 2022-01
USAA Federal Savings Bank )
)
CONSENT ORDER IMPOSING CIVIL MONEY PENALTY
The Financial Crimes Enforcement Network (FinCEN) conducted a civil enforcement investigation and determined that grounds exist to impose a Civil Money Penalty against USAA Federal Savings Bank (USAA FSB or the Bank) for violations of the Bank Secrecy Act (BSA) and its implementing regulations. 1 USAA FSB admits to the Statement of Facts and Violations set forth below and consents to the issuance of this Consent Order.
I. JURISDICTION
Overall authority for enforcement and compliance with the BSA lies with the Director of FinCEN, and the Director may impose civil penalties for violations of the BSA and its implementing regulations.2 At all times relevant to this Consent Order, USAA FSB was a “bank” and a “domestic financial institution” as defined by the BSA and its implementing regulations.3 As such, USAA FSB was required to comply with applicable FinCEN regulations.
Read the rest free, and get an email when FINCEN publishes again
Lineage: In force
Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from FINCEN
FINCEN published 7 documents in the last 30 days. We email you each new one the day it's published.