Businesses can use this information to identify trends in fraud and money laundering that may affect their revenue, their customers, or their reputations. Compliance professionals are necessarily familiar with the rules, advisories, and analytical reports that FinCEN regularly produces, but can the same be said for a financial institution’s managers and board members? As part of our outreach initiatives, FinCEN staff and I have visited many financial institutions of all sizes representing several different business lines subject to BSA/AML regulations. I have come to further understand the challenges many face in getting the appropriate resources and management.
