ABSTRACT

Anti-Money Laundering: Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act Varied, Report to the Ranking Member, Subcommittee on Consumer Protection and Financial Institutions, Committee on Financial Services, House of Representatives   [open pdf - 7MB]

From the Highlights: "Money laundering and terrorist financing pose threats to national security and the U.S. financial system's integrity. The BSA [Bank Secrecy Act] requires financial institutions to file suspicious activity and other reports to help law enforcement investigate these and other crimes. FinCEN [Financial Crimes Enforcement Network] administers the BSA and maintains BSA reports in an electronic database that can be searched to identify relevant reports. Some banks cite the BSA as one of their most significant compliance costs and question whether BSA costs outweigh its benefits in light of limited public information about law enforcement's use of BSA reports. GAO [Government Accountability Office] was asked to review the BSA's implementation. This report examines (1) the extent to which law enforcement uses BSA reports and FinCEN facilitates their use, (2) selected banks' BSA compliance costs, (3) oversight of banks' BSA compliance, and (4) stakeholder views of proposed changes to the BSA."

Report Number:
GAO-20-574
Publisher:
Date:
2020-09
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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