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USAA to pay $140M in penalties over AML shortcomings

March 18, 2022

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Thursday’s penalties break down to $80 million from FinCEN and $60 million from the OCC — each of which filed consent orders against USAA. The OCC ordered the bank to appoint a compliance committee within 15 days and to develop and implement a written plan to align with the BSA within 30 days.

“As its customer base and revenue grew in recent years, USAA FSB willfully failed to ensure that its compliance program kept pace, resulting in millions of dollars in suspicious transactions flowing through the U.S. financial system without appropriate reporting,” FinCEN Acting Director Himamauli Das said in a statement Thursday, adding the bank “received ample notice and opportunity to remediate its inadequate AML program, but repeatedly failed to do so.”

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