Department of the Treasury building" width="650" height="459" />The Bank Secrecy Act requires financial institutions to report information to the federal government that law enforcement can use to investigate potential crimes, like money laundering.
Industry representatives told us that generating reports on suspicious activity can be labor intensive, and that they would like more feedback on whether the reports they submitted were useful.
We found the Treasury Department and some law enforcement agencies measured things like how many reports produced investigations. However, these metrics were not consistently communicated.
We made 4 recommendations, including for regular feedback.
Department of the Treasury building" width="650" height="459" />
Department of the Treasury building
