News

U.S. officials assessed a $140 million penalty against USAA Federal Savings Bank on Thursday for breaching the Bank Secrecy Act, including by "willfully failing" to file accurate and timely reports on suspicious transactions tied to criminals. From January 2016 through April 2021, USAA FSB, a federally chartered lender in San Antonio that serves millions of U.S military personnel and their families, maintained a subpar anti-money laundering program, chose not to hire enough staff to review transactional alerts, and ultimately neglected to submit 3,873 suspicious activity reports with valid data and by a 30-day deadline, Treasury's Financial Crimes Enforcement Network, or...