Bank Secrecy Act Treasury Can Improve Implementation Of The Act
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Bank Secrecy Act Treasury Can Improve Implementation Of The Act
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1986
Bank Secrecy Act Treasury Can Improve Implementation Of The Act written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Banking law categories.
Bank Secrecy Act
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Author : United States. Government Accountability Office
language : en
Publisher:
Release Date : 2006
Bank Secrecy Act written by United States. Government Accountability Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
In 2005, over 16 million Bank Secrecy Act (BSA) reports were filed by more than 200,000 U.S. financial institutions. Enacted in 1970, BSA is the centerpiece of the nation's efforts to detect and deter criminal financial activities. Treasury's Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) play key roles in BSA compliance, enforcement, and data management. GAO was asked to describe FinCEN's and IRS's roles and assess their effectiveness at ensuring BSA compliance and efforts to reengineer BSA data management. FinCEN and IRS have distinct roles, but share some responsibilities in implementing BSA. FinCEN's role is to oversee the administration of BSA by numerous agencies including IRS. IRS's role is to (1) examine nonbank financial institutions (NBFI), such as money transmitters and check cashers, for compliance with BSA; (2) investigate potential criminal BSA violations; and (3) collect and store BSA reported data by all financial institutions. IRS continues to face challenges in identifying NBFIs subject to BSA and then using its limited resources to ensure compliance. First, IRS has identified approximately 107,000 potential NBFIs, yet FinCEN, IRS, and others agree there is a portion of the NBFI population IRS has not identified. Identifying NBFIs is inherently challenging and made even more difficult because FinCEN regulations about who is covered are confusing, especially for smaller businesses. Second, IRS currently lacks, but is working to develop, a statistically valid risk-based approach for selecting NBFIs for compliance examinations. IRS only examines a small fraction of NBFIs, less than 3.5 percent in 2005, highlighting the need for building risk into the selection process. IRS is statistically validating a risk-based approach for targeting compliance examinations on certain NBFIs suspected of noncompliance. IRS's validation study is a step in the right direction, but IRS's approach will continue to have limitations because the study was not designed to be representative of all potential NBFIs. And lastly, IRS established a new office accountable for BSA compliance, and is working to improve examination guidance. However, IRS's management of BSA compliance has limitations, such as a lack of a compliance rate measure and a comprehensive manual that NBFIs can use to develop anti-money laundering programs compliant with BSA. Addressing program challenges, such as identifying NBFIs and examining those of greatest risk of noncompliance will take time and require prioritizing actions and identifying resource needs. However, FinCEN and IRS lack a documented and coordinated strategy with time frames, priorities, and resource needs for improving NBFI compliance with BSA requirements. FinCEN has undertaken a broad and long-term effort to reengineer, and transition from the IRS, all BSA data management activities. FinCEN, however, missed opportunities to effectively plan this effort and to coordinate its implementation with IRS. For example, FinCEN began making significant investments in information technology projects before a comprehensive plan to guide the reengineering effort was in place. When a key project--BSA Direct Retrieval and Sharing--failed, it jeopardized the future of the broader reengineering effort. After investing over $14 million (nearly $6 million over the original budget) in a failed project, FinCEN is now reassessing BSA Direct but does not yet have a plan for moving forward with the broader effort to reengineer BSA data management activities.
Status Of Open Recommendations
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1987
Status Of Open Recommendations written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Administrative agencies categories.
Domestic Money Laundering
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Author : United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations
language : en
Publisher:
Release Date : 1986
Domestic Money Laundering written by United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Banks and banking categories.
Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations Suggesting Need For Amendment
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1981
Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations Suggesting Need For Amendment written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Banks and banking categories.
Oversight Hearing On The Bank Secrecy Act
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation
language : en
Publisher:
Release Date : 1981
Oversight Hearing On The Bank Secrecy Act written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on General Oversight and Renegotiation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Banking law categories.
Usa Patriot Act Additional Guidance Could Improve Implementation Of Regulations Related To Customer Identification And Information Sharing Procedures Report To Congressional Requesters
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Author :
language : en
Publisher: DIANE Publishing
Release Date : 2005
Usa Patriot Act Additional Guidance Could Improve Implementation Of Regulations Related To Customer Identification And Information Sharing Procedures Report To Congressional Requesters written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Money laundering categories.
Gao Documents
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1986
Gao Documents written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986 with Finance, Public categories.
Catalog of reports, decisions and opinions, testimonies and speeches.
Organized Crime In Our Times
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Author : Jay S. Albanese
language : en
Publisher: Routledge
Release Date : 2014-09-25
Organized Crime In Our Times written by Jay S. Albanese and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-25 with Political Science categories.
Organized Crime in Our Times provides readers with a clear understanding of organized crime, including its definition and causes, how it is categorized under the law, models to explain its persistence, and the criminal justice response to organized crime, including investigation, prosecution, defense, and sentencing. This book offers a comprehensive survey, including an extensive history of the Mafia in the United States; a legal analysis of the offenses that underlie organized crimes; specific attention to modern manifestations of organized crime activity, such as human smuggling, Internet crimes, and other transnational criminal operations; and the application of ethics to the study of organized crime.
Organized Crime
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Author : Jay S. Albanese
language : en
Publisher: Routledge
Release Date : 2014-11-20
Organized Crime written by Jay S. Albanese and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-20 with Law categories.
Organized Crime: From the Mob to Transnational Organized Crime, Seventh Edition, provides readers with a clear understanding of organized crime, including its definition and causes, how it is categorized under the law, models to explain its persistence, and the criminal justice response to organized crime, including investigation, prosecution, defense, and sentencing. This book offers a comprehensive survey, including an extensive history of the Mafia in the United States; a legal analysis of the offenses that underlie organized crimes; specific attention to modern manifestations of organized crime activity, such as human smuggling, Internet crimes, and other transnational criminal operations; and the application of ethics to the study of organized crime. A new section has been added on threat assessment in organized crime. Chapters are enhanced by updated photos, tables, charts, and critical thinking exercises that help students apply concepts to actual organized crime cases. Every chapter includes two student-friendly special features: Organized Crime Biography and Organized Crime at the Movies. A glossary gives students a quick reference for looking up important definitions of organized crime-related terms, and a Timeline of Organized Crime in the United States highlights important events in the history of organized crime.