For better compliance in dealings with customers and other businesses, companies must make sure compliance is well understood by stakeholders within the company’s own walls.
Regulatory body FinCEN (Financial Crimes Enforcement Network) recently published guidelines on how companies can better develop a culture of compliance, which is a common theme of director Jennifer Shasky Calvery. She has made a number of public comments regarding company compliance culture, specifically regarding BSA/AML (Bank Secrecy Act/Anti-Money Laundering) compliance. Shasky Calvery says that most of the issues she’s seen regarding compliance difficulties could have been fixed by promoting a better understanding of compliance within the company. Culture, after all, trumps everything.
Shasky Calvery spoke at length on this theme in an August 12 talk.
