Regulatory Alerts2014-08-11 | FinCEN Advisory – FIN-2014-A007Added
Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance
This advisory highlights general principles for U.S. financial institutions to improve and strengthen organizational compliance with Bank Secrecy Act (BSA) obligations. It explicitly states that it does not change any existing expectations or obligations under BSA/AML requirements. The Financial Crimes Enforcement Network (FinCEN) provides guidance on six key areas, including ensuring leadership engagement, preventing revenue interests from compromising compliance, promoting information sharing, allocating adequate resources, ensuring independent program testing, and fostering an understanding of how BSA reports are used.
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