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Bank Failures Have Limited Oversight of BSA Enforcement, Says Treasury Official
By Brian Monroe
printThe sharp rise in bank closings is forcing the U.S. Treasury Department's watchdog to limit its investigations into Bank Secrecy Act enforcement, a department official said Thursday. Laws mandating that the department's Office of Inspector General (OIG) review the failures of some banks are drawing limited resources that would otherwise be used to oversee efforts to stem money laundering and terrorist financing, the department's Inspector General Eric Thorson said during Congressional testimony. Under federal law, the OIG must review bank failures that have caused losses to the Federal Deposit Insurance Fund of or more than $25 million or two percent...
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