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Federal examiners tasked with ensuring Bank Secrecy Act and anti-money laundering compliance often struggle to assess how effectively banks vet money services businesses and screen their transactions, a U.S. government watchdog found in a report Tuesday. Dozens of examiners interviewed by the Government Accountability Office and cited in the 79-page report told the agency that federal guidance and the federal AML exam manual do not list any of the processes they can "reasonably" expect banks to have adopted to identify high-risk MSBs and monitor their accounts. "While the manual's examination guidance pertaining to money transmitters states that due diligence on...