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ExpectMore.govExpectMore.gov home pageEXPECT FEDERAL PROGRAMS TO PERFORM WELL, AND BETTER EVERY YEAR.
 
Program Assessment

Program

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Bank Secrecy Act Administration

This program's purpose is to safeguard the financial system from the abuses of financial crime, including terrorist financing, money laundering, and other financial crime through the effective administration of the Bank Secrecy Act (BSA).

Rating

What This Rating Means

NOT PERFORMING
Results Not Demonstrated

A rating of Results Not Demonstrated (RND) indicates that a program has not been able to develop acceptable performance goals or collect data to determine whether it is performing.
  • The program has no long-term performance measures or targets to indicate accomplishment of its mission, but it has annual performance goals. The annual performance goals focus on BSA implementation.
  • Questions have been raised concerning compliance and burden issues relating to the regulations that the Financial Crimes Enforcement Network (FinCEN) issues. FinCEN is currently performing a cost-benefit analysis, including a review of the regulatory burden, of a contemplated cross-border wire transfer reporting system.
  • Although FinCEN has made progress in executing memoranda of understanding governing the exchange of information with federal and state regulatory agencies, additional time is needed to ensure BSA compliance in more vulnerable industries, particularly money services businesses. The indicators developed will be long-term, outcome measures for the program.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Expanding outreach efforts to certain targeted industries to augment their understanding of the value of BSA data.
  • Developing a long-range plan to expand compliance oversight and reporting by state regulators for newly covered industries.
  • Developing measures of the impact of program activities on preventing the misuse of the financial system by those engaged in illicit activities.

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