The potential for money laundering adds a significant layer of risk to securities brokers related to legal, financial, regulatory and reputation. Legislative and enforcement initiatives, such as the Patriot Act, are designed to ensure dealers and financial advisors “know their customer”. These legislative rules are followed up with major penalties for failure to monitor, identify and report suspicious relationships and transactions. Additionally, media coverage of criminal activities and fraud increases the risk of exposure for institutions.
RNDs suite of services allows firms to demonstrate and document to regulatory authorities that they have taken the appropriate steps in compliance with regulatory guidelines to ensure compliance and minimize exposure to risk.
- Compliance with FINRA Rule 3011
- Compliance with Title III, Section 352 of the US PATRIOT ACT
- Compliance with domestic and international laws concerning anti-money-laundering and associated suitability and know your customer, such as the offshore Mutual Fund Act (including Cayman Islands).
- Senior Foreign Political Figures; Title III, section 312 of the PATRIOT Act.
- Traditional or online account opening and screening.
- Existing client account monitoring.
- Anti-money-laundering, anti-fraud, anti-corruption, anti-terrorism surveillance.
- Due diligence associated with companies and individuals involved in commercial equity, debt underwriting, merger and acquisition transactions and private placements.
- Suspicious activity reporting.
- OFAC and Government lists.
Registered Investment Advisors and AML Rules
Registered Investment Advisers are coming under more and more scrutiny by FinCEN (Finanicial Crimes Enforcement Network) and can expect increased regulations requiring them to file SAR (Suspicious Activity Reports) and comply with AML reporting and record-keeping obligations as a financial institution. Our veteran compliance experts are here to assist RIA’s in establishing AML procedures and policies; as well as filing SAR’s. Contact us for more for more details.
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