Menu10/15/14: The Financial Crimes Enforcement Network (FinCEN) is not amused by recent enforcement actions against financial institutions. According to a post by Michael Volkov on Corruption, Crime & Compliance, FinCEN’s frustration is based on what the agency believes are the “paper compliance programs” used by many financial institutions...to comply with the Bank Secrecy Act/Anti-Money Laundering requirements. That frustration led to FinCen’s release of an Advisory on Promoting a Culture of Compliance. If companies aren’t paying attention to the Advisory, they should be. Volkov gives a good review of the Advisory (and a link to the FinCEN Advisory) and ends with an advisory of his own, noting “FinCen’s audience may not just be traditional financial institutions such as banks but may reflect its intention to expand its enforcement operations against non-traditional financial institutions such as casinos and Money Service Businesses.”
