Financial institutions (1 - 10 of 142 items) in Custom Date Range
Financial Institutions: Penalty and Settlement Payments for Mortgage-Related Violations in Selected Cases
GAO-17-11R: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
GAO reviewed nine selected cases involving alleged mortgage-related violations—violations related to mortgage origination, mortgage servicing, and the packaging or sale of residential mortgage-backed securities—finalized from February 2012 through April 2016. GAO found that the eight federal agencies that played key roles in these cases—the Department of Justice, Department of Housing and Ur...
Program Integrity: Views on the Use of Commercial Data Services to Help Identify Fraud and Improper Payments
GAO-16-624: Published: Jun 30, 2016. Publicly Released: Jun 30, 2016.
Officials from selected federal agencies told GAO that using commercial data services can help their agencies improve the efficiency of program integrity activities. For example, Internal Revenue Service (IRS) officials told GAO that using commercial data service providers to provide web and phone-based services to help authenticate certain taxpayer's identities likely allowed their staff to focus...
Financial Institutions: Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements
GAO-16-297: Published: Mar 22, 2016. Publicly Released: Apr 21, 2016.
Since 2009, financial institutions have been assessed about $12 billion in fines, penalties, and forfeitures for violations of Bank Secrecy Act/anti-money- laundering regulations (BSA/AML), Foreign Corrupt Practices Act of 1977 (FCPA), and U.S. sanctions programs requirements by the federal government. Specifically, GAO found that from January 2009 to December 2015, federal agencies assessed about...
International Remittances: Money Laundering Risks and Views on Enhanced Customer Verification and Recordkeeping Requirements
GAO-16-65: Published: Jan 15, 2016. Publicly Released: Feb 16, 2016.
Financial institutions, such as money transmitters and depository institutions that provide remittance transfers—funds sent from individuals in one country to a recipient in another country—are subject to anti-money laundering (AML) requirements under the Bank Secrecy Act (BSA). For example, these remittance providers must report suspicious and other transactions, and obtain and record informa...
Identity Theft: Additional Actions Could Help IRS Combat the Large, Evolving Threat of Refund Fraud
GAO-14-633: Published: Aug 20, 2014. Publicly Released: Sep 22, 2014.
Based on preliminary analysis, the Internal Revenue Service (IRS) estimates it paid $5.2 billion in fraudulent identity theft (IDT) refunds in filing season 2013, while preventing $24.2 billion (based on what it could detect). The full extent is unknown because of the challenges inherent in detecting IDT refund fraud.IDT refund fraud takes advantage of IRS's “look-back” compliance model. Under...
Financial Crime: Foreclosure Rescue Schemes Have Become More Complex, and Efforts to Combat Them Continue
GAO-14-17: Published: Oct 29, 2013. Publicly Released: Oct 29, 2013.
Foreclosure rescue schemes remain at historically high levels and have become more complex. The Federal Trade Commission's (FTC) Consumer Sentinel Network--an online database of consumer complaints received by FTC, law enforcement agencies, and other organizations--showed that complaints about these schemes rose from around 9,000 in 2009 to more than 18,000 each year in 2010, 2011, and 2012. In ad...
Payday Lending: Federal Law Enforcement Uses a Multilayered Approach to Identify Employees in Financial Distress
GAO-11-147: Published: Jan 26, 2011. Publicly Released: Jan 26, 2011.
In the United States, payday lending is estimated to be a slightly less than $40 billion a year industry. A payday loan is a small-dollar loan that is usually from $100 to $500 and repayable in a short term, usually 2 weeks. Consumers can pay fees of $15-20 for every $100 borrowed. In 2006 the Department of Defense (DOD) reported on predatory lending, including payday lending, and found that these...
Finanzas del Consumidor: Factores que Afectan la Educacion Financiera de las Personas con Conocimientos Limitados del Ingles
GAO-10-869: Published: Aug 4, 2010. Publicly Released: Aug 4, 2010.
This is the Spanish Language summary of GAO-10-518. According to Census data, more than 12 million adults in the United States report they do not speak English well or at all. Proficiency in reading, writing, speaking, and understanding the English language appears to be linked to multiple dimensions of adult life in the United States, including financial literacy--the ability to make informed jud...
Anti-Money Laundering: Better Communication Could Enhance the Support FinCEN Provides to Law Enforcement
GAO-10-622T: Published: Apr 28, 2010. Publicly Released: Apr 28, 2010.
Financial investigations are used to combat money laundering and terrorist financing, crimes that can destabilize national economies and threaten global security. The Financial Crimes Enforcement Network (FinCEN), within the Department of the Treasury, supports law enforcement agencies (LEAs) in their efforts to investigate financial crimes by providing them with services and products, such as acc...
Anti-Money Laundering: Improved Communication Could Enhance the Support FinCEN Provides to Law Enforcement
GAO-10-141: Published: Dec 14, 2009. Publicly Released: Dec 14, 2009.
Financial investigations are used to combat money laundering and terrorism financing, crimes that can destabilize national economies and threaten global security. The Financial Crimes Enforcement Network (FinCEN) within the Department of the Treasury supports law enforcement agencies (LEAs) in their efforts to investigate financial crimes by providing them with services and products, such as acces...