Anti-Money Laundering

OCIE Director on Anti-Money Laundering, Cybersecurity, Customer Funds

What do SEC examinations involving anti-money laundering, cybersecurity and protection of customer funds have in common? Examination efforts in these areas are examples of the agency protecting retail investors. So said SEC Office of Compliance Inspections and Examinations Director Peter Driscoll, who recently addressed the SIFMA Operations Conference in Boca Raton, FL.

Compliance Officer Latest to Settle AML Charges in Aegis Capital Case

The SEC wants anti-money laundering rules followed - and will go after both firms and individuals at firms that it believes violate those rules. A compliance officer at a dually-registered adviser and broker-dealer learned this the hard way earlier this month after he allegedly failed to file Suspicious Activity Reports on hundreds of transactions.

Associations Seek Changes in Proposed Anti-Money Laundering Rule

They all support anti-money laundering. They just differ with the government - and to some degree, with each other - on how to get there. The Investment Adviser Association, the Managed Funds Association and the Private Equity Growth Capital Council sent separate comment letters to the Treasury Departments Financial Crimes Enforcement Network suggesting limits to various parts of its proposed anti-money laundering rule.

Anti-Money Laundering Rule for Advisers Proposed by FinCEN

After more than 12 years of false starts, an anti-money laundering rule for advisers may just get through this time. The Treasury Departments Financial Crimes Enforcement Network on August 25 issued an 86-page proposed rule that, if adopted, would require investment advisers to join banks, broker-dealers and other financial organizations in adopting an anti-money laundering program and filing suspicious activity reports.

Anti-Money Laundering: Dont Wait for the Rule to Create a Program

After years of false starts, a Treasury Department rule requiring investment advisers to create an anti-money laundering program may be on its way, but that doesnt mean you should wait before adopting anti-money laundering policies and procedures. Even without a rule, the SEC expects advisers to have anti-money laundering programs in place. If you havent created one yet, do so now.

AML Rule Inches a Step Closer

On February 13, Financial Crimes Enforcement (FinCEN) director Jennifer Calvery spoke again of the coming anti-money laundering (AML) rule for advisers.

Anti-Money Laundering Rules for Advisers in 2013?

For years, Treasurys Financial Crimes Enforcement Network (FinCEN) has been dangling the prospect of adopting anti-money laundering (AML) rules for advisers.

SEC Extends Relief Allowing Broker-Dealers to Rely on Advisers for Certain AML Functions

On one hand, having no rule can be technically less expensive and a relief.

Broker-Dealers May Continue To Rely On Advisers For Certain AML Compliance, Provided New Conditions...

SIFMA has once again successfully persuaded the SEC to extend relief permitting a broker-dealer to rely on an advisers performance with respect to certain anti-money laundering (AML) obligations.As part of a broker-dealers AML procedures, it must maintain a customer identification program (CIP) under rule 31 CFR 103.122. Pursuant to the rule, a broker may rely […]

AML Relief Gets Another Year

As of tomorrow, six-year old no-action relief benefitting advisers was going away. In an eleventh-hour action, the SEC has given it another year of life.Since 2004, a broker has been able to rely on an advisers performance to satisfy certain of its obligations to maintain a customer identification program (CIP) under rule 31 CFR 103.122. […]

Audio Interviews

How to Read an SEC Enforcement Action

Stern Tannenbaum law firm partner Aegis Frumento on how to get the most from reading an SEC administrative order or court complaint.

Most Important Supreme Court Decisions for Advisers and Funds

Find out the high court decisions from recent years that are likely to affect how advisers and investment companies work from Debevoise partner Robert Kaplan. 

Top 10 Cybersecurity Steps to Take Now

Sutherland law firm partner Brian Rubin shares the most urgent cybersecurity steps for investment advisers.

Top Marketing Problems … and Solutions

Get solutions for the top marketing challenges that advisers face from ACA Compliance Group managing director Kimberly Daly

Watch Out for 5 Cybersecurity Myths

ACA Aponix Director Pascal Busnel on the most common cybersecurity myths that may cause firms to spend resources where they may not be needed.

The Hidden Costs of Non-Compliance

Proskauer law firm partner and former SEC Division of Investment Management deputy director Robert Plaze on why the costs of non-compliance go way beyond an SEC penalty.

CCO Liability: How to Protect Yourself

Find out from Blue Edge Capital CCO Margaret Fretz what chief compliance officers may be liable for and best practices to make sure you are protected.

Ethics or Compliance: Making the Choice

Find out the difference an ethics, rather than a compliance, perspective makes at an advisory firm from former Ethics and Compliance Officer Association COO Timothy Mazur.