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GAO Issues Report on Fines, Penalties and Forfeitures for Violations of Financial Crimes

GAO issued a report on the collection and use of fines, penalties and forfeitures assessed against financial institutions for violations of requirements related to financial crimes. Specifically, the report examined money raised as the result of violations of (i) Bank Secrecy Act/AML regulations, (ii) the Foreign Corrupt Practices Act and (iii) U.S. sanctions programs requirements.

GAO did not provide any recommendations regarding the violations themselves or agencies' responses to them.

Primary Sources

  1. GAO Report: "Financial Institutions – Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements"

Tags

Regulated Activities
Sanctions Compliance
Regulated Entities
Regulatory Agencies
Body of Law
AML Regulation FCPA Sanctions
Jurisdiction
US - Federal
Organization
Research Agencies / Think Tanks / Academics