| Description |
1 online resource (ii, 54 pages) : color illustrations. |
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text txt rdacontent |
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computer c rdamedia |
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online resource cr rdacarrier |
| Note |
"January 2016." |
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"GAO-16-65." |
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Title from title screen (viewed on July 5, 2016). |
| Bibliography |
Includes bibliographical references. |
| Summary |
The World Bank has estimated remittance outflows will reach $586 billion in 2015. However, some reports have indicated that remittance providers may be vulnerable to money laundering. Remittance providers are generally subject to both federal and state oversight. GAO was asked to examine the potential illicit uses of remittances and assess whether requiring remittance senders to provide certain types of identification at a threshold below the current $3,000 level would be useful for U.S. AML efforts. This report examines (1) BSA remittance requirements that exist for remittance providers and related challenges that remittance providers face in complying with these requirements; (2) money laundering risks that remittances pose; and (3) stakeholders' views on the extent to which requiring remittance providers to verify identification and collect information at a lower dollar transaction amount than is currently required, or adding a requirement to verify legal immigration status, would assist federal agencies' AML efforts. GAO reviewed laws and regulations, analyzed compliance data, and interviewed stakeholders (Financial Crimes Enforcement Network, regulators, remittance providers, law enforcement, and industry and other associations). GAO also interviewed a nongeneralizable selection of five money transmitters and four depository institutions based on factors such as remittance volume. GAO is not making recommendations in this report. Agencies provided technical comments, which we incorporated as appropriate. |
| Subject |
World Bank. Financial Market Integrity Division.
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United States. Bank Secrecy Act.
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Bank Secrecy Act (United States) (OCoLC)fst01370913
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Migrant remittances.
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Emigrant remittances.
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Money laundering -- Prevention.
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Emigrant remittances. (OCoLC)fst00908685
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Migrant remittances. (OCoLC)fst01020740
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Money laundering -- Prevention.
(OCoLC)fst01025323
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| Added Author |
Evans, Lawrance Lee, Jr., 1970-
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| Added Title |
Money laundering risks and views on enhanced customer verification and recordkeeping requirements |
| Gpo Item No. |
0546-D (online) |
| Sudoc No. |
GA 1.13:GAO-16-65 |
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