Bank Secrecy Act Reporting Requirements Have Not Yet Met Expectations, Suggesting Need for Amendment

摘要

After 10 years, the reports required by the 1970 Bank Secrecy Act are not widely used by law enforcement agencies. Further, it is uncertain how well financial institutions and individuals comply with the act's reporting requirements. Until these issues are resolved, there will not be a sound basis for judging whether the act's demands on the private sector are commensurate with the benefits obtained by the Federal Government. Recent initiatives by the Department of the Treasury and other agencies seek to improve the act's implementation and more widely test the reporting requirements' usefulness. However, there is still no assurance that the act can or will achieve its intended purpose in a cost-effective manner. Unless this can be demonstrated in the next 2 to 3 years, the act's reporting requirements should be repealed. Accordingly, GAO recommends that the Congress amend the act to require reauthorization of the reporting requirements in 1984. In the interim, Treasury should comprehensively assess the costs and benefits of the act to assist the Congress in its reauthorization deliberations.