More coordination between the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) is needed in combating money laundering among non-bank financial institutions, according to a report issued by the U.S. Government Accountability Office (GAO) on Dec. 15. The Senate Appropriations Committee requested that the GAO report on the IRS's Bank Secrecy Act (BSA) examination process for non-bank financial institutions (NBFIs) such as money transmitters and other money services businesses. The study found that the IRS lacked an effective compliance program despite its efforts to improve the process. The IRS is responsible for identifying non-bank financial institutions subject...
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