Number: RS22003
Title: Enforcement of the Bank Secrecy Act Requirements: Money Services Businesses
Authors: Nathan Brooks, American Law Division 
Abstract: Questions have been raised regarding the IRSs ability to effectively monitor the compliance of money services businesses (e.g., check cashing and money order businesses) with the Bank Secrecy Act (BSA), given the large number of such institutions and the IRSs limited resources. In response, the IRS has announced a forthcoming model pact for coordination between the IRS and states with regard to money services businesses and BSA enforcement. This report provides background on the BSA, the IRSs BSA responsibilities, and an overview of some of the criticism leveled at the IRS with respect to BSA compliance.
Pages: 6
Date: December 13, 2004