The Government Accountability Office discovered considerable space for enhancement relating to the Department of Justice’s responsibility under the Anti-Money Laundering Act of 2020 to supply the Financial Crimes Enforcement Network with info on its usage of Bank Secrecy Act reports.
According to a brand-new report from the GAO, “FinCEN receives limited data from law enforcement agencies on their use of BSA reports or the reports’ impact on case outcomes because agencies largely do not collect such data. As a result, FinCEN cannot provide comprehensive feedback to financial institutions on the usefulness of the BSA reports they file,” another requirement under AMLA.
To aid correct the scenario, the GAO suggested that DOJ consist of information on using BSA reports in its continuous agency-wide efforts to enhance information collection and to include its primary info officer and analytical authorities in the style of its yearly BSA analytical report. The DOJ neither concurred nor disagreed with the suggestions.
