Tag Archives: AML

FINRA Anti-Money Laundering (AML) Half-Day Seminar – Boca Raton

FINRA’s Anti-Money Laundering (AML) Half-Day Seminars provide attendees with information on the fundamentals of money laundering and money laundering typologies, relevant rules and regulations, and monitoring for suspicious activity. Each seminar provides demonstrations on using data and publicly available information to supplement compliance reviews of exception reports and alerts generated by automated surveillance systems. The … Continue reading FINRA Anti-Money Laundering (AML) Half-Day Seminar – Boca Raton

FINRA AML Half-Day Seminar

FINRA’s AML Half-Day Seminars provide attendees with information on the fundamentals of money laundering and money laundering typologies, relevant rules and regulations, and monitoring for suspicious activity. Each seminar provides demonstrations on using data and publicly available information to supplement compliance reviews of exception reports and alerts generated by automated surveillance systems. The seminars are … Continue reading FINRA AML Half-Day Seminar

FinCEN Penalizes California Bank for AML Violations

On February 27, 2017, the Financial Crimes Enforcement Network (FinCEN) announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California (“Merchants”) in Carson, CA, for willful AML violations related to violations of several provisions of the Bank Secrecy Act (BSA).  The Office of the Comptroller of the Currency (OCC), … Continue reading FinCEN Penalizes California Bank for AML Violations

SIFMA’s Anti-Money Laundering & Financial Crimes Conference

Celebrating its 16th year, SIFMA’s C&L Anti-Money Laundering & Financial Crimes Conference gathered more than 400 compliance and legal professionals from April 5-6 at the Marriott Marquis in New York City. Our new two-day  program featured practical insights from FINRA’s Bradley Bennett, Executive Vice President, Enforcement; Treasury’s Jennifer Fowler, Deputy Assistant Secretary for Terrorist Financing; … Continue reading SIFMA’s Anti-Money Laundering & Financial Crimes Conference

FinCen Releases Annual Review of SAR’s Data

FinCEN has issued the second edition of SAR Stats, FinCEN’s annual review of aggregated Suspicious Activity Report (SAR) filing activity and announced the introduction of Interactive SAR Stats.  FinCEN developed Interactive SAR Stats to address the large number of requests for more current aggregated SAR data than an annual publication could provide.  Interactive SAR Stats … Continue reading FinCen Releases Annual Review of SAR’s Data

2015 OFAC (Office of Foreign Assets Control) Fall Symposium

The 2015 OFAC Fall Symposium will be held in Washington, DC on September 22, 2015. The symposium will provide a comprehensive review of current U.S. economic sanctions. It will include presentations on OFAC regulations, as well as targeted reviews of sanctions concerns for new and updated OFAC-administered programs.

Basel Institute Publishes the 2015 Basel AML Index

The Basel Institute on Governance recently published the  Basel Anti-Money Laundering (AML) AML Index for 2015.  The report provides an annual risk rating of money laundering and terrorist financing  by ranking countries according to their risk of money laundering and terrorist financing. This year the report covers 152 countries. The risk assessment includes the a review of … Continue reading Basel Institute Publishes the 2015 Basel AML Index

AML Programs to be Required for Federal Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has finally reproposed a rule requiring investment advisers that are required to be registered with the U.S. Securities and Exchange Commission (SEC) to establish an anti-money laundering (AML) program and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA).  As a part of the proposed rule, … Continue reading AML Programs to be Required for Federal Investment Advisers

FinCEN Re-Proposes AML Rule for Investment Advisers

The U.S. Department of the Treasury (“Treasury Department”) submitted its Semiannual Regulatory Agenda for review by The Office of Management and Budget (“OMB”) in April 2015. The semiannual regulatory agenda of the Treasury Department includes regulations that the Financial Crimes Enforcement Network (“FinCEN”) has issued or expects to issue and rules currently in effect that … Continue reading FinCEN Re-Proposes AML Rule for Investment Advisers

FINRA Boot Camp: Supervision and AML Compliance

Half-day compliance boot camps are local educational programs that focus on basic regulatory requirements and compliance responsibilities. Through a combination of classroom training and case studies, compliance professionals who are new to their role or those looking for a refresher gain valuable insights on compliance activities for immediate application to the workplace.

New Proposed AML Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) is proposing new rules under the Bank Secrecy Act (BSA) to clarify and strengthen customer due diligence (CDD) requirements for banks, broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities. The proposed rules would address CDD elements related to identifying and verifying the identity of beneficial … Continue reading New Proposed AML Customer Due Diligence Requirements

Treasury Regulations Implemented to Address FATCA Impact Broker-Dealers and Investment Advisers

Overview The Foreign Account Tax Compliance Act (“FATCA”) has resulted in significant changes in the reporting and withholding requirements of financial institutions, including broker-dealers and investment advisers that represent foreign investors. One impact on all broker-dealers and investment advisers with foreign clients is the finalization of new U.S. Treasury Regulations (“Treasury Regulations”) related to reporting, … Continue reading Treasury Regulations Implemented to Address FATCA Impact Broker-Dealers and Investment Advisers

SEC Extends Broker-Dealer Reliance on CIPs of Investment Advisers

The SEC has recently issued a No-Action Letter that extends the ability for a broker-dealer to treat an investment adviser as if it were subject to an Anti-Money Laundering Program (AML Program) and rely on the investment adviser to perform some or all of its customer identification program (CIP) obligations under rule 31 CFR 103.122.  However, … Continue reading SEC Extends Broker-Dealer Reliance on CIPs of Investment Advisers

FINRA AML & BCP Rule Changes

January 2010 FINRA Rule Changes Related To Anti-Money Laundering and Business Continuity Plans   With the New Year having arrived, it is important to note that FINRA has already commenced the implementation of their 2010 exam cycle examination schedule. With that said, it is also an excellent time for you to commence the review, update and … Continue reading FINRA AML & BCP Rule Changes