Catalog Search Results
Author
Publisher
U.S. Govt. Accountability Office
Pub. Date
[2009]
Language
English
Description
To assist law enforcement agencies in their efforts to combat money laundering, terrorist financing, and other financial crimes, the Bank Secrecy Act (BSA) requires financial institutions to file suspicious activity reports (SAR) to inform the federal government of transactions related to possible violations of law or regulation. Depository institutions have been concerned about the resources required to file SARs and the extent to which SARs are...
Author
Series
Testimony volume GAO-18-642T
Publisher
United States Government Accountability Office
Pub. Date
2018.
Language
English
Author
Publisher
U.S. Govt. Accountability Office
Pub. Date
[2008]
Language
English
Description
Since September 11, 2001, the United States has established tools to address the threat to the U.S. financial system of money laundering and terrorist financing. One such tool is Section 311 of the USA PATRIOT Act of 2001, which authorizes the Secretary of the Treasury (Treasury) to prohibit U.S. financial institutions from maintaining certain accounts for foreign banks if they involve foreign jurisdictions or institutions found to be of primary money...
Author
Publisher
U.S. Govt. Accountability Office
Pub. Date
[2009]
Language
English
Description
The legislative framework for combating money laundering began with the Bank Secrecy Act (BSA) in 1970 and most recently expanded in 2001with the USA PATRIOT Act. The Financial Crimes Enforcement Network (FinCEN) administers BSA and relies on multiple federal and state agencies to ensure financial institution compliance. GAO was asked to (1) describe how BSA compliance and enforcement responsibilities are distributed, (2) describe how agencies other...