The Financial Crimes Enforcement Network and federal banking regulators should improve coordination of their enforcement of the Bank Secrecy Act, a report issued Tuesday by the Government Accountability Office said.

"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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