Critiquing Your AML Compliance Program

Critiquing Your AML Compliance Program

With key regulators—the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and the Financial Industry Regulatory Authority (FINRA)—actively promoting new anti-money laundering (AML) initiatives for 2013, stricter oversight for corporations is all but certain.

As a result, in-house counsel and compliance staff at broker-dealers and investment advisors—including those in the multitrillion-dollar hedge fund industry—are advised to take this new focus on AML to heart and begin reviewing (and, if necessary, revising) their existing AML measures now, rather than later.

To start, in-house compliance officers should consider how the company’s AML policies stack up against the issues or risks regulators have recently deemed serious enough to warrant a public enforcement or disciplinary action.

Source: LAW

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