GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
What GAO Found Drug and human traffickers are increasingly using online marketplaces and virtual currencies to connect with buyers and obscure the source of payments, according to agency documentation and interviews with agency officials.
What GAO Found This is a public version of a sensitive report that GAO issued in September 2021. Therefore, this report omits sensitive information and data on selected federal agencies' activities to counter human and drug trafficking, associated use of virtual currency, and related challenges.
What GAO Found To combat money laundering, the Financial Crimes Enforcement Network (FinCEN) issued a geographic targeting order (GTO) in 2016 that required title insurers to report information on certain all-cash purchases of residential real estate by legal entities in specified areas.
What GAO Found From 2014 through 2016, 40 of 86 banks with money transmitter customers that responded to GAO's survey indicated they terminated at least one money transmitter account for money-laundering-related reasons.
What GAO Found U.S. financial regulators oversee and monitor compliance with anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA) to prevent, detect, and deter the laundering of proceeds from narcotics trafficking and other illicit activities using a risk-based examination approach.
What GAO Found GAO reviewed nine selected cases involving alleged mortgage-related violations—violations related to mortgage origination, mortgage servicing, and the packaging or sale of residential mortgage-backed securities—finalized from February 2012 through April 2016.
What GAO Found Financial institutions, such as money transmitters and depository institutions that provide remittance transfers—funds sent from individuals in one country to a recipient in another country—are subject to anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA).