USAA fined $140M for AML compliance failures
By 
Jaclyn Jaeger2022-03-18T11:30:00
USAA Federal Savings Bank must pay $140 million as part of consent orders reached with the Financial Crimes Enforcement Network and Office of the Comptroller of the Currency for its failures maintaining its Bank Secrecy Act/anti-money laundering compliance program.
Related articles
-
PremiumStrengthening BSA/AML defenses: Critical role of ERTs in modern day compliance
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
-
ArticleWhistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations
USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.
-
ArticleA look inside USAA’s ‘catastrophically mismanaged’ compliance culture
In exclusive interviews with Compliance Week, former USAA insiders describe a risk and compliance culture in which numerous individuals either were given the axe or quit because the problems were so endemic.
More from Regulatory Enforcement
-
News BriefCFPB ends probe into Meta’s financial advertising practices
Meta says it is no longer under investigation by the U.S. Consumer Financial Protection Bureau (CFPB), the latest instance of the agency scaling back enforcement under President Donald Trump.
-
News BriefTexas sues Johnson & Johnson, Kenvue over alleged misleading marketing of Tylenol
Texas Attorney General Ken Paxton sued two pharmaceutical companies for ”deceptively marketing Tylenol to pregnant mothers” despite risks linked to autism. The filing came two days before HHS Secretary Robert F. Kennedy Jr. appeared to walk back the claims.
-
News BriefCFPB scraps bad-actor registry, citing cost-benefit issues
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”