ABSTRACT

Bank Secrecy Act: Examiners Need More Information on How to Assess Banks' Compliance Controls for Money Transmitter Accounts, Report to Congressional Requesters   [open pdf - 4MB]

From the Highlights: "The World Bank and others have reported that some money transmitters have been losing access to banking services. Money transmitters play an important role in the financial system, in part because they provide financial services to people less likely to use traditional banking services. GAO [Government Accountability Office] was asked to review the causes and potential effects of derisking by banks. This report examines, among other issues, (1) the extent to which banks are terminating or limiting services for money transmitters, (2) challenges in assessing banks' BSA/AML [Bank Secrecy Act]/[anti-money laundering] compliance related to money transmitters, and (3) regulators' actions to address derisking concerns."

Report Number:
GAO-20-46
Publisher:
Date:
2019-12
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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