Why? I didn’t search all over the place but the only thing I saw on the reference page was cease and desist orders.
USAA is a/the top rated insurance company. You have to have some relationship to a member of the US military to purchase it. Is this just another attack on patriotic Americans?
Nothing at the link claims that you are the author.
Yet you have listed yourself as the author.
How does that happen?
From the limks, that’s the banking side of USAA, not the insurance side.
Legalese writing is an abomination designed to obscure rather than inform.
FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed a $140 million civil money penalty against USAA Federal Savings Bank (USAA FSB) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.
Specifically, USAA FSB admitted that it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the BSA from at least January 2016 through April 2021. USAA FSB also admitted that it willfully failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity by its customers, including customers using personal accounts for apparent criminal activity.
Jeez, that’s my bank! SIXTY MILLION DOLLARS! WTF!
Is this targeting a bank that doesn’t adhere to something the GLOBALISTS ARE DEMANDING? A SHAKEDOWN?
This is interesting, but it’s a lot of smoke on improving procedures to catch money laundering. But did they find a real crime such as money laundering for Mexican cartels?
USAA ping.
I’ve been a member for over 30 years. In the last 10 years or so their service has plummeted. Every once in a while I see a post on a social media group of ex-navy officers about USAA. 60% are disgruntled and/or have left. I have a felling some of the woke DOD people have moved into leadership positions over there. It used to be a pretty good company - liberals ruin everything,.
This is not a concern for any one using USAA.
It is simply around a penalty for not having a “proper” method to review transactions or entities who are on an official list of “suspicious persons.”
The Biden Administration may have been mad that it did business with either drug dealers (no, they like all such persons), or a MAGA supporter (much more likely).
Anti money laundrying? Do these govt dickwads have nothing better to do?
I’m about done with USAA. Real sick of online only banking. Hard to get cash when I want it. Been a customer since 2009. As soon as crypto develops a little more I don’t think I’ll need a bank anymore. I’m done with em.
We’ve had their insurance since 1966. The requirement to be military has been so diluted to almost be non-existent. “So your great-great grandfather fought for the North in the War of Northern Aggression? No problem. Welcome to USAA.” /s (but only partly)
This thread needs to be pulled. The OP did a terrible job of posting. Probably on purpose.
Most of the replies do not realize this is not about USAA insurance, but USAA federal savings bank.
I served on active duty with some of the officers who retired and became members of the board of USAA. It’s just like any other inside organization. Lots of perks for the insiders and to hell with the so-called owners of the co-op. So where does the $60M come from? Do they print it or take it from the parent company?
USAA was always a fraud. Never were they ever the better price or service.