USAA Federal Savings Bank fined US$140m for wide range and years of AML failings

Over more than five years, a bank serving around 13 million US military personnel and their families operated an ineffective anti-money laundering compliance program as mandated by the Bank Secrecy Act. FinCEN has imposed a civil penalty of US$140 million [1] on USAA Federal Savings Bank, crediting a US$60 million fine levied for the same conduct by the Office of the Comptroller of the Currency (OCC). [2]