FinCEN is out with a new BSA/AML advisory encouraging financial institutions, regardless of size or industry sector, to understand the importance of a culture of compliance. The advisory lists six ways a financial institution can strengthen that culture:
1. The leaders at your institution must actively support and understand compliance efforts.
2. Efforts to manage and mitigate BSA/AML risks must not be compromised by revenue interests.
3. Relevant information from the various departments within the organization should be shared with compliance staff to further BSA/AML efforts.
4. Adequate resources should be devoted to the compliance function.
5. Ensure the compliance program is effective by having it tested by an independent and competent party.
6. Leadership and staff should understand the purpose of BSA/AML efforts and how reporting is used.
You can read the full text of the advisory on FinCEN’s website at www.fincen.gov.
Need assistance putting these principles into practice? Let CURx help.