‘FinCEN Files’ highlight bank leadership flaws, not compliance flaws
By 
Jaclyn Jaeger2020-09-23T19:14:00
Compliance has been taking some heat in the wake of the “FinCEN Files” reports, but it’s banks’ senior leadership that failed, not the folks filing all those SARs.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticlePandora Papers: Takeaways for compliance
The “Pandora Papers” could open Pandora’s box for all businesses and organizations found to be entangled in its worldwide web of shell companies, offshore tax havens, and secret trusts.
-
ArticleACAMS survey: FinCEN Files leak a positive for financial industry?
Many compliance professionals in the financial industry believe last year’s leak of 2,100 suspicious activity reports from FinCEN had an overall positive impact on global efforts to fight financial crime, according to an ACAMS survey.
-
ArticleCapital One fined $390M for ‘egregious’ AML compliance failures
Capital One will pay a $390 million civil penalty for compliance failures regarding banking services offered to its check cashing group, which—according to FinCEN—had a reputation for money-laundering risks.
More from Opinion
-
OpinionWhen AI Is Forced on Compliance: The ECCP as your Guide
When a company rapidly adopts AI, compliance officers can be blindsided, tasked with governance almost immediately. Luckily, there is a guide from the U.S. Department of Justice to help.
-
OpinionEthics as strategic value: When compliance becomes a board-level decision tool
For many Boards of Directors, compliance reporting feels familiar and reassuring. Dashboards are green. Policies are updated. Training is complete. Incidents are investigated and closed. On paper, the system works.
-
OpinionSafely leveraging generative AI: A practical guide for compliance leaders
Generative AI (GenAI) has moved rapidly from experimentation into day-to-day use across many organizations. Over the past year, teams have shifted from exploratory pilots to relying on these tools for core activities such as contract analysis, research, and software development.