We reviewed 200 money order transactions for compliance with BSA recordkeeping and reporting requirements, interviewed employees who sell or manage the sale of money orders at 10 post offices, and reviewed fiscal year (FY) 2023 BSA training completion status for applicable employees.
Objectives To combat money laundering in the U.S., Congress enacted a series of laws, collectively referred to as the Bank Secrecy Act (BSA). The BSA required financial institutions, including money services businesses, to report suspicious activities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Under the BSA, the Postal Service is…
Objective To combat money laundering in the U.S., Congress enacted a series of laws, collectively referred to as the Bank Secrecy Act (BSA), requiring financial institutions, including money services businesses (MSB), to deter and detect potential money laundering, and report suspicious activities to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. Under the…
