Fiscal Year 2017 Bank Secrecy Act Program

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 BSA, the U.S. Postal Service, defined as a MSB, is required to comply with the law. Our objective was to determine whether the Postal Service anti-money laundering program is adequately designed and implemented to ensure compliance with the BSA and to identify opportunities to enhance the program.