Bank Secrecy Act: Action Needed to Improve DOJ Statistics on Use of Reports on Suspicious Financial Transactions

GAO-22-105242Published: Aug 25, 2022. Publicly Released: Aug 25, 2022.

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Illegal financial activity can threaten safety and national security. Banks must report potentially illegal transactions to the Financial Crimes Enforcement Network (FinCEN), which makes the reports available to law enforcement agencies to help with investigations.

But law enforcement agencies usually don't track data on the usefulness of these reports, so FinCEN can't provide feedback to banks about the reports' effectiveness.

To facilitate this feedback, the Department of Justice is required to provide information about the usefulness of these reports. But DOJ doesn't collect adequate data to do so. Our recommendations address these issues.

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p/o Virginie Gastine Menou

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