AM05 - Broker-Dealer AML Oversight: Red Flags That Should Have Detected Fraud

10/22/2020 - 12:50pm to 10/22/2020 - 1:50pm
Rocky Mt. Ballroom CD

Broker-dealers must comply with the Bank Secrecy Act and its regulations and, pursuant to FINRA Rule 3310, develop and implement a written AML compliance program. The purpose of AML oversight is to detect money laundering and fraudulent activity. Knowledge of broker-dealers’ AML obligations and procedures may considerably assist in developing a case against a broker-dealer for wrong-doing. The session will also discuss helpful AML information requests and how to respond to the argument that such discovery is protected by the Suspicious Activity Report (“SAR”) privilege.