GAO warns of fraud complacency
WASHINGTON, DC – Banking regulators should regularly review emerging risks in money laundering and terrorist financing and effectively communicate such risks to examiners and industry through updates of the inter-agency Banks Secrecy Act (BSA) examination manual, according to the Government Accountability Office (GAO), the research arm of the US Congress.
In its review of the examination and enforcement programmes for BSA compliance that regulators use at depository institutions, the GAO also recommended that the heads of the Financial Crimes Network (FinCEN), the Office of the Comptroller of the Currency, the Federal Reserve, the Office of Thrift Supervision and National Credit Union Administration should periodically meet to review BSA data to determine if they indicate a need for additional guidance.
The agencies should "jointly assess the
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