Broker Dealers and financial institutions must comply with the Bank Secrecy Act, U.S. Patriot Act, SEC and FINRA regulations (“AML rules”).  The purpose of the AML rules are to help detect and report suspicious activity including the predicate red flag offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.

Compliance Exchange Group (CXG) will conduct a robust AML Audit and develop a comprehensive Anti-Money Laundering Compliance Program for your firm.  FINRA, as well as other industry regulators, reviews a firm’s compliance with AML rules under FINRA Rule 3310 which sets forth minimum standards for a firm’s written AML compliance program.

FINRA takes a serious view regarding Broker Dealer compliance, including AML compliance. If FINRA detects issues with the supervision of your AML program during an exam, it can be costly.  FINRA even has a section on their website dedicated to listing individuals and firms who have been fined or expelled from practice for violation of their rules; detailing exactly what rules they have violated. Many firms have paid fines well into the millions of dollars for violating FINRA’s rules.

If you want to see exactly what FINRA’s disciplinary actions look like and why FINRA compliance is vital to your firm’s survival, visit the three links below:

• FINRA Monthly Disciplinary Actions
• Individuals Barred by FINRA
• FINRA Spells Out Penalties for AML Violations

How can you avoid compliance violations with all the regulations you need to follow? And what about all the other business tasks you need to complete? If you are a growing Broker Dealer or looking to start your own firm, there is help.

CXG will Develop a Robust AML Compliance Program for Your Firm.

Book an appointment with one of our highly trained professionals to discuss your specific registration and compliance requirements.

Book Now

Or call us at 631-595-5305.