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FinCEN Stresses Compliance, Culture in AML Efforts

Joe Mont | August 13, 2014

The Treasury Department’s Financial Crimes Enforcement Network is stressing the importance of compliance and culture to ensure anti-money laundering efforts are successful. This week, FinCEN released a six-page compliance advisory to financial institutions and FinCEN Director Jennifer Shasky Calvery doubled  down on that message during a speech before AML professionals in Washington D.C.

“Shortcomings identified in recent AML enforcement actions confirm that the culture of an organization is critical to its compliance,” FinCEN writes in its “Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance.”

“Regardless of its size and business model, a financial institution with a poor culture of compliance is likely to have shortcomings in its BSA/AML program,” the advisory adds, detailing six steps...

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