USAA Federal Savings Bank (FSB) must pay $140 million as part of two separate consent orders reached with the Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the Currency (OCC) for the bank’s “willful” failure to implement and maintain a Bank Secrecy Act/anti-money laundering (BSA/AML) compliance program.
The orders, announced Thursday, include a $140 million civil penalty imposed against USAA FSB by FinCEN and $60 million penalty levied by the OCC. FinCEN credited the OCC’s fine based on the regulators’ similar findings. Both agencies are divisions of the Department of the Treasury.
