OCC Assesses $60 Million Civil Money Penalty, Issues Cease and Desist Order Against USAA

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against USAA, Federal Savings Bank, for violations of the OCC’s Bank Secrecy Act regulations. The OCC also issued a Cease and Desist Order against the bank based on its failure to establish and maintain an effective Bank Secrecy Act/Anti Money Laundering (BSA/AML) program.

The OCC found that USAA, Federal Savings Bank, failed to adopt and implement a BSA/AML program that adequately covered the requirements of the Bank Secrecy Act and its implementing regulations. Such deficiencies resulted in the bank’s failure to file timely suspicious activity reports. The bank also failed to correct BSA/AML internal control problems that the OCC had previously identified and reported to it.

The OCC’s civil money penalty is separate from, but coordinated with, a settlement between the bank and the Financial Crimes Enforcement Network, which is also being announced today.

The OCC’s Cease and Desist Order requires the bank to take broad and comprehensive corrective actions to improve internal controls, training, staffing, and third party risk management of its BSA/AML program.

The $60 million civil money penalty will be paid to the U.S. Treasury.

Related Links

• Civil Money Penalty (PDF)
• Consent Order (PDF)