FinCen AML advisory notice a warning shot to banks

Banks must heed advisory message promoting compliance culture

Warning sign against cloud backdrop

Financial institutions should treat a compliance advisory notice from the US Financial Crimes Enforcement Network (FinCen) as a red flag for their compliance programmes, one expert warns. The notice, released on Monday, focuses on promoting a culture of compliance in US financial institutions with regards to anti-money laundering (AML) and compliance with the US Bank Secrecy Act (BSA). FinCen warns financial institutions that internal leadership is responsible for performance in all areas of