The Compliance Digest

Get expert compliance tips and up-to-date regulatory news.

FINRA Issues AML Red Flag Guidance

Earlier this month, the Financial Industry Regulatory Authority (FINRA) released Regulatory Notice 19-18 providing guidance to member firms to help identify suspicious activity that may be reportable under FINRA Rule 3310 (Anti-Money Laundering Compliance Program). Read More

Common AML Compliance Program Deficiencies

AML compliance remains a challenge for many firms that continue to struggle with implementing stringent internal controls as the regulatory landscape continues to shift and change. In this article, we outline some of the most recent AML-related disciplinary actions recorded by FINRA since January 2017. Read More

Axelrod Discusses “Area of Significant Regulatory Focus”

Earlier this month, SIFMA hosted its annual Anti-Money Laundering and Financial Crimes conference in New York, NY. During the program, FINRA’s Executive Vice President of Regulatory Operations, Susan Axelrod, took the stage to address an "area of significant regulatory focus" for FINRA, Anti-Money Laundering. Read More

AML Regulation: What FINRA is After

In a speech at the SIFMA AML and Financial Crimes Conference earlier this month, FINRA’s Executive Vice President of Enforcement, Bradley Bennett, reminded firms of the fundamental characteristics that make up a strong AML program, citing several recent enforcement cases to help drive home his point. Bennett centered his discussion on culture and risk most specifically and how focusing on these areas can help firms better prepare for today’s AML challenges. Read More

CCO Required to Take 12 Hours of AML Training

A firm from New York, New York was censured and fined $30,000, while its CCO was fined $10,000, suspended from association with any FINRA member in any principal capacity for 30 days and required to attend 12 hours of AML training. Read More