quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures

usaa finned

Two federal regulatory authorities have fined USAA a collective $140 million for failure to implement adequate measures to combat money laundering.

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency announced their actions on Thursday in separate statements.

While the FinCEN imposed a $140 million civil fine for “willful violations” of the Bank Secrecy Act, though it agreed to credit $60 million to account for the separate set of fines independently levied on the company by the Office of the Comptroller of the Currency, which cited similar problems in a consent order.

“As its customer base and revenue grew in recent years, USAA [Federal Savings Bank] 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’s Acting Director Himamauli Das said in a statement.

The bank “received ample notice and opportunity” to fix its anti-money-laundering controls, he said, “but repeatedly failed to do so.”

USAA CEO Wayne Peacock said in a statement that while the “issues identified in these orders did not result in any individual member harm, we understand the importance of these requirements.”

He added, “USAA has already made progress in many critical areas by investing in new systems and training, enhancing staffing and expertise, and improving our processes. And we have an unwavering commitment to the military community.”

The FinCEN ensures that banks play their role in combating financial crime such as money laundering and terrorism financing. Banks are also obliged by federal law to report suspicious transactions like withdrawals of large amounts of cash or transfers to flagged accounts to the FinCEN.

Suggested read: FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

Related Posts

News

e-KYC services introduced in Malaysia by InstaREM

Residents and expatriates in Malaysia can now make overseas payments safely and regularly through...

e-KYC services introduced in Malaysia by InstaREM Explore More

News

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation

A business organization is being penalized £14,000 by the Solicitors Regulation Authority (SRA) f...

SRA Fines a Law Firm £14,000 for Breaching ID Verification Regulation Explore More

News

Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture”

Australian corporate watchdog imposed $113 million fine on Westpac bank for charging dead people ...

Westpac to Pay Penalties Totalling $113 Million for “Poor Compliance Culture” Explore More

News

Qatar to Develop National Strategies for Combating Financial Crimes

Qatar has developed vigorous strategies to combat expected financial crimes during the FIFA World...

Qatar to Develop National Strategies for Combating Financial Crimes Explore More

News

T-Mobile Suffers its Second Security Breach within Six Months

T-mobile US suffered its second data breach between late February and early March, affecting 836 ...

T-Mobile Suffers its Second Security Breach within Six Months Explore More

News

Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering

Arthur Hayes, Benjamin, Delo, and Samuel Reed – the co-founders of BitMEX charged for viola...

Founders of BitMEX Penalised for Their Inefficacy in Preventing Money Laundering Explore More

News

Over 6000 BVNs Under Scrutiny for Fraudulent Transactions, Reveals CBN

The Central Bank of Nigeria (CBN) has revealed that more than 6000 Bank Verification Numbers (BVN...

Over 6000 BVNs Under Scrutiny for Fraudulent Transactions, Reveals CBN Explore More

News

Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA

Yesterday, February 26, Shufti was announced the winner of the Lulu money’s Video KYC for Cus...

Shufti beats 26 global competitors in the Video KYC challenge at MEFTECH KSA Explore More

News

US Government Announces Reward for Identifying Sanctioned Russian Assets

The US government has announced financial rewards of up to $5 million for information leading to ...

US Government Announces Reward for Identifying Sanctioned Russian Assets Explore More

News

Singapore Under High Scrutiny Amid Money Laundering Scandal

Singapore, an immaculate business hub, is under fire for one of the largest money laundering case...

Singapore Under High Scrutiny Amid Money Laundering Scandal Explore More

News

Singapore Scammers Launder Money Through Online Gambling

Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

Singapore Scammers Launder Money Through Online Gambling Explore More

News

CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector

The Central Bank of Nigeria (CBN) has issued guidelines on anti-money laundering and combating th...

CBN Introduces Guidelines to Curb Money Laundering in the Financial Sector Explore More

News

South Korea Unlikely to Legislate Crypto Regulations Before the U.S – Says FSC

South Korea’s Financial Services Commission focuses the cryptocurrency legislation. According to ...

South Korea Unlikely to Legislate Crypto Regulations Before the U.S –  Says FSC Explore More

News

Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering

On October 15, Europol announced its successful operation against a renowned criminal group calle...

Officials of 16 Countries Teamed Up for a Major Transnational Operation against Money Laundering Explore More

News

“Real Estate Is Critical To Money Laundering”, Says BSP

The Governor of BSP bank emphasized the urgent need for brokers to guard real estate against mone...

“Real Estate Is Critical To Money Laundering”, Says BSP Explore More

News

South Korea Seizes $47M Worth of Crypto from Tax Evaders

South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

South Korea Seizes $47M Worth of Crypto from Tax Evaders Explore More

News

Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List

Implementing an enhanced AML/CFT framework brings terrific news for Mauritius as they are off FAT...

Enhanced AML/CFT Framework Pays Off – Mauritius Off FATF’s Grey List Explore More

News

11 Arrested for the First Money Laundering Case Using Digital Yuan

Chinese security officials have arrested 11 suspects in the first Central Bank Digital Currency (...

11 Arrested for the First Money Laundering Case Using Digital Yuan Explore More

News

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe

The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe Explore More

News

EBA Issues Draft to Set up Central Database for AML and CFT

On December 20, 2021, the European Banking Authority (EBA) issued its draft Regulatory Technical ...

EBA Issues Draft to Set up Central Database for AML and CFT Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

“Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police

According to police investigations, the number of money mule activities in Cork city has doubled ...

“Money Mule Crimes Double in Cork, Students are an Easy Target”, Says the Police Explore More

News

Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering

Turkey’s Minister of Social and Labour Security Department stated they are conducting an in-depth...

Turkish Regulatory Authorities Launch Investigation on Social Media Influencers for Money Laundering Explore More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

Taiwan and Singapore enhance Anti-Money Laundering (AML) regulations for virtual asset service pr...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Explore More

News

Conveyancers Used for Laundering Millions of Pounds across the UK

Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

News

FTX Customers File Class Action Against Bankrupt Crypto Exchange

FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Ba...

FTX Customers File Class Action Against Bankrupt Crypto Exchange Explore More

News

Silvergate Bank ‘Aided and Abetted’ FTX Fraud, Alleges Lawsuit

The latest class action filings in the string of lawsuits allege Silvergate Bank over the last tw...

Silvergate Bank ‘Aided and Abetted’ FTX Fraud, Alleges Lawsuit Explore More

News

Bahrain sentences three money-laundering suspects to prison

Bahrain fined three suspects of $9 million and sentenced them to prison in the Future Bank case. ...

Bahrain sentences three money-laundering suspects to prison Explore More

News

US Army to Adopt Facial Recognition Technology for Securing Military Base

United States Army is looking to apply face recognition technology on their military base to imme...

US Army to Adopt Facial Recognition Technology for Securing Military Base Explore More

News

RSA Revamps Digital Payments with Industry-centric Regulations

The federal bank in South Africa re-regulated guidelines for performing card transactions between...

RSA Revamps Digital Payments with Industry-centric Regulations Explore More

News

Germany to Form a new Anti-Money Laundering Agency

Germany is reportedly forming a new AML agency that aims to regulate sanction efforts and money l...

Germany to Form a new Anti-Money Laundering Agency Explore More

News

Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering

The Central Bank of Nigeria ordered all customers to link their Bank Verification Number (BVN) an...

Nigerian Central Bank Announces Latest Guidelines to Combat Money Laundering Explore More

News

Singapore Passes Stringent Regulations to Clamp Down on Money Mules

Singapore has passed stringent regulations to clamp down on money mules and those who give contro...

Singapore Passes Stringent Regulations to Clamp Down on Money Mules Explore More

News

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator

A US federal regulator has said that the first federally-chartered digital asset bank Anchorage D...

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator Explore More

News

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges

The governor of the Lebanese central bank appeared in the first court hearing on the premise of s...

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges Explore More

News

HSBC Fined £64m for “Unacceptable AML Failings”

HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...

HSBC Fined £64m for “Unacceptable AML Failings” Explore More

News

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering

The Manitoba government is expanding the Criminal Property Forfeiture (CPF) branch as part of its...

Manitoba Expands Criminal Property Forfeiture Branch to Counter Money Laundering Explore More

News

Australian Government to Extend AML and CTF Regime

The Australian Government has initiated a consultation on revising the Anti-Money Laundering (AML...

Australian Government to Extend AML and CTF Regime Explore More

News

Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership

The Swiss government plans to set up a central registry for beneficial ownership, a step that ind...

Swiss Government Gears Up to Establish a Central Registry for Beneficial Ownership Explore More

News

Joint ATO Operation Busts $137m Fraud Ring

The Australian Border Force (ABF) and the Serious Financial Crime Taskforce (SFCT) have jointly i...

Joint ATO Operation Busts $137m Fraud Ring Explore More

News

E-krona – Rising Cashless Sweden Sights Virtual Currency

Less than 10% of all transactions are done with cash in Sweden, according to an analysis by its c...

E-krona – Rising Cashless Sweden Sights Virtual Currency Explore More

News

Australia sues Facebook for $525 billion

A lawsuit was filed against Facebook by Australia’s privacy regulator, blaming the social media p...

Australia sues Facebook for $525 billion Explore More

News

ACRA Cancels Registration of Company for AML/CFT Failures

The Accounting and Corporate Regulatory Authority (ACRA) has revoked the registration of a compan...

ACRA Cancels Registration of Company for AML/CFT Failures Explore More

News

SFC Finalizes Consultation Conclusions on AML Guidelines

Updated AML/CFT guidelines are expected to come into effect from 30 September 2021, except for th...

SFC Finalizes Consultation Conclusions on AML Guidelines Explore More

News

Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities

A gang of a Chinese national and 20 other people got arrested by Chandigarh Police. Investigation...

Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities Explore More

News

Amazon Sued Over Illegal Storage of Employee Biometric Data

Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

News

ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos

New policies have been introduced by ACMA to prevent SIM-Swapping attack for Telcos to protect us...

ACMA Introduces New Policies to Combat SIM-Swapping Scams at Telcos Explore More

News

Dubai Sets up Special Court to Tackle Money Laundering

The new court of law has been established to combat money laundering and related financial crimes...

Dubai Sets up Special Court to Tackle Money Laundering Explore More

News

Russian govt introduces Fintech Sandboxes, including Blockchain

The Russian government plans on the creation of regulatory sandboxes for companies working on con...

Russian govt introduces Fintech Sandboxes, including Blockchain Explore More

News

Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details

The significant media house Paramount Global and the renowned fashion supplier, Forever 21, have ...

Paramount and Forever 21 Data Breach Exposes Thousands of Customer’s Personal Details Explore More

News

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

News

Americans ‘work from home’ strategy present new targets for hackers

Coronavirus outbreak has forced organizations to let their employees work from home during the ou...

Americans ‘work from home’ strategy present new targets for hackers Explore More

News

Dubai KYC consortium to enhance UAE bank profits

According to Moody’s Investors Service, the recently formed Know Your Customer (KYC) consortium i...

Dubai KYC consortium to enhance UAE bank profits Explore More

News

Nigeria Remains on FATF Gray List Due to Compliance Failures

Nigeria failed to pass a full-scale AML system review conducted by the global regulatory authorit...

Nigeria Remains on FATF Gray List Due to Compliance Failures Explore More

News

Homeland Security Wants Facial Recognition For All Entering or Leaving US

The federal government is considering changing airport security in a major way. Facial recognitio...

Homeland Security Wants Facial Recognition For All Entering or Leaving US Explore More

News

NY Lawmakers Approve Legislation Against Financial Fraud

Michael Gianaris, Deputy Leader of the Senate, recently announced his legislative measures to pro...

NY Lawmakers Approve Legislation Against Financial Fraud Explore More

News

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks

El Salvador has become the first country to accept Bitcoin as a legal tender.  On 8 June 2021, El...

El Salvador’s Adoption of Bitcoin as Legal Tender Raises ML/TF Risks Explore More

News

Monetary Authority of Singapore to Support G20 TechSprint Initiative

The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, rec...

Monetary Authority of Singapore to Support G20 TechSprint Initiative Explore More

News

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

News

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations

HM Revenue & Customs has fined property firms more than £1 million for not complying with ant...

HM Revenue & Customs (HMRC) Fines Property Firms Over £1 Million for Money Laundering Violations Explore More

News

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks

Starbucks and McDonald’s are among 19 businesses that will test China’s new digital c...

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks Explore More

News

Crypto exchange owner admits laundering $1.8M in online auctions fraud

Vlad-Calin Nistor and 14 other accused, including the owner of a car wash, have all entered guilt...

Crypto exchange owner admits laundering $1.8M in online auctions fraud Explore More

News

Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions

Toronto police seized millions of dollars, Porsche Panamera, and other identity details after a y...

Toronto: 4 People Charged for Alleged Identity Theft and Fraud Worth Millions Explore More

News

‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline

Today is the deadline for the digital currency firms to be registered with the UK’s financial reg...

‘Left in Limbo’: Cryptocurrency Exchanges React to FCA Registration Deadline Explore More

News

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

News

Bank of Valletta Fined EUR 2.6 Million for UBOs Reporting Failure

FIAU imposed a penalty of EUR 2.6 million on the Bank of Valletta for failing to report Beneficia...

Bank of Valletta Fined EUR 2.6 Million for UBOs Reporting Failure Explore More

News

Video KYC: The New Normal in the Insurance Industry

Since everything is moving to digital platforms, the Insurance Regulatory and Development Authori...

Video KYC: The New Normal in the Insurance Industry Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million

The Budapest Metropolitan Police along with Europol have arrested a criminal group involved in mo...

Europol & Budapest Police Arrest Criminal Group for Laundering EUR 44 Million Explore More

News

National Westminster Bank Pleads Guilty to AML Breaches

NatWest has stated that it violated multiple anti-money laundering regulations that required the ...

National Westminster Bank Pleads Guilty to AML Breaches Explore More

News

Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB

With the introduction of global stablecoin like Facebook’s Libra, G20’s watchdog, the Financial S...

Monetary System of Nation-States at Systematic Risk due to Stablecoins, Says FSB Explore More

News

US Financial Authority Removes Provisional Crypto AML Regulations

The United States government removed two provisions from the National Defence Authorisation Act (...

US Financial Authority Removes Provisional Crypto AML Regulations Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started