GAO highlights access issues
Anti-money laundering
In its report, released in late June, the GAO says financial regulators face challenges including access to criminal history data, regulatory enforcement actions, and consumer complaints.
"Specifically," the report says, "we found that many state insurance regulators, unlike their counterparts in the banking and securities industries, continue to lack legal authority to access the FBI's nationwide criminal history data."
In fact, only 16 state insurance departments have such authority. This
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