FinCEN Urges Culture of Compliance among FIs, Issues Advisory (Aug. 12, 2014)
FinCEN is urging financial institutions to foster a culture of compliance with Bank Secrecy Act/Anti-Money Laundering (BSA/AML) rules and has issued an advisory explaining how basic principles can strengthen compliance within organizations. A financial institution with a poor culture of compliance is likely to have shortcomings in its BSA/AML program, regardless of its size and business model, according to the agency. Organizations can strengthen their BSA/AML compliance cultures by ensuring that:
- Leadership actively supports and understands compliance efforts.
- Efforts to manage and mitigate BSA/AML deficiencies and risks are not compromised by revenue interests.
- Relevant information from various departments within organizations is shared with compliance staff to further BSA/AML efforts.
- Financial institutions devote adequate resources to the compliance function.
- The compliance program is effective by, among other things, ensuring it is tested by an independent and competent party.
- Leadership and staff understand the purpose of BSA/AML efforts and how its reporting is used.
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