AML Red Flags for Broker-Dealer Employees
Thursday, December 12, 2013 from 10:00 AM to 11:00 AM (PST)
This webinar highlights key elements of Anti-Money Laundering (AML) requirements for broker-dealers and what employees should be aware of in order to identify and report potential money laundering activity.
Why Should You Attend:
Although financial institutions, including broker-dealers have had to comply with AML requirements under the USAPA for over ten years and the BSA for over four decades, recent cases have occurred involving major financial institutions that were found by regulators to have had inadequate controls in place to prevent money laundering. In some cases, firms were found to be complicit in facilitating transactions on behalf of clients seeking to conceal illegal activities.
Had the “red flags” in such instances been identified, reported to appropriately designated officers within the firms as well as law enforcement authorities, the resulting fines, penalties and reputation damage could have been avoided.
This session highlights the requirements for broker-dealers under the law and covers the types of activities that employees should recognize as suspicious and trigger the reporting process. You will learn how to evaluate the risk in establishing and/or maintaining a business relationship with a customer.
Areas Covered in the Webinar:
- Principles of the Bank Secrecy Act
- Principles of the USA PATRIOT Act
- Principles of FINRA Rule 3310
- Red Flags: Due Diligence on Establishing New Business Relationships
- Red Flags: Customer Identification Programs
- Red Flags: Monitoring, Detecting and Reporting Suspicious Activity
- Each of these areas are examined in terms of their
- Employee Responsibilities
Who will benefit:
This training will benefit companies and personnel in the securities market. Titles include:
- Broker-Dealer Sales Personnel
- Broker Dealer Supervisory Principals
- Securities Representatives and Principals
- Business Managers
- Compliance Analysts
- Operations Personnel
- Non-Registered Administrative Personnel
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- Enhancing global compliance, creating a world where quality and compliance professionals, regulators, and government agencies come together to help the world comply with the intent and the spirit of laws, policies and mandates, ensuring continuous improvement in global operations, quality & safety.
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- Keeping things simple and straight forward , so that we all can indeed improve the quality of our processes, our work, our businesses and enhance compliance globally.
- Being inclusive, giving the process experts ( & novices! ), compliance professionals, quality champions, and regulatory agencies a voice so that all of us can contribute and make a difference.