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Financial Services Regulators: Better Information Sharing Could Reduce Fraud

GAO-01-478T Published: Mar 06, 2001. Publicly Released: Mar 06, 2001.
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Highlights

The sharing of regulatory and criminal history data among financial services regulators can reduce fraudulent activities. GAO recently reported on several instances in which unscrupulous brokers moved from one financial industry to another. This testimony focuses on (1) systems used by financial regulators for tracking regulatory history data, (2) regulatory history data needed to help prevent rogue migration and limit fraud, (3) criminal history data needs among financial regulators, and (4) challenges and considerations for implementing an information-sharing system among financial regulators.

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Consumer protectionFraudInformation disclosureInformation systemsInsurance regulationInteragency relationsInternal controlsReporting requirementsSecurities regulationSelf-regulatory organizations