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Treasury Agencies Should Improve Sharing of BSA Data, Says Watchdog
By Matt Squire
printThe U.S. Treasury Department's financial intelligence unit should better coordinate its sharing of Bank Secrecy Act data with government agencies, including the Internal Revenue Service, according to a governmental watchdog. The department's Financial Crimes Enforcement Network (FinCEN), which is responsible for administering the act, should better share anti-money laundering intelligence with state financial overseers and securities and futures regulators, according to a report released Tuesday by the U.S. Government Accountability Office (GAO). IRS officials also believe that FinCEN response time to the service's compliance referrals is "too long," allowing some Bank Secrecy Act (BSA) violators to continue to operate "without...
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