US: Government Accountability Office Issues Report on Bank Secrecy Act to Address Domestic and International De-Risking Concerns

On June 26, 2018 the U.S. Government Accountability Office (GAO), an independent, nonpartisan agency that provides investigative and evaluation services for Congress, published a report titled "Bank Secrecy Act: Further Actions Needed to Address Domestic and International Derisking Concerns". The report seeks to establish the reasons for why some in the southwest border region have experienced difficulties in accessing banking services, including bank account terminations and bank branch closures.

The World Bank has also reported previously that money transmitter businesses have been losing access to banking services with depository institutions.

In the report, the GAO discusses the following points:

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