The Financial Crimes Enforcement Network and federal banking regulators need to improve coordination of the Bank Secrecy Act, according to a report issued Tuesday by the Government Accountability Office.

"With respect to BSA, multiple regulators are examining for compliance with the same legislation across industries and, for some larger holding companies, within the same institution," the GAO reported. "However, they do not have a mechanism through which all regulators discuss (without industry present) how to promote greater consistency, reduce unnecessary regulatory burden, and identify concerns across industries."

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