Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Shufti Evening of Trust - Join the Executive Circle for Conversations That Matter.

Request Invitation

us

216.73.216.136

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

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Google deemed Australia’s social media age ban as “extremely difficult” to implement

Explore More

News

California enacts law requiring age input on devices and app stores from 2027

California enacts law requiring age input on devices and app stores from 2027

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

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

Shufti Evening of Trust (SET)

Where Trust Meets Innovation and the Future is Built Together

Date & Time:

23rd October 2025 | 7:00 PM

Location:

Blake Room, The Ivy Soho Brasserie, London

RSVP Now

Exclusive Event—Register Today

close-icon