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Ben Franklin once said “by failing to prepare, you prepare to fail.” Based on the SEC’s latest risk alert concerning broker-dealers’ anti-money laundering (“AML”) compliance (or lack thereof), some firms would be well served to heed Mr. Franklin’s advice.
The SEC specifically seeks to examine broker-dealers’ compliance with the various regulations and laws governing firms’ AML obligations. The risk alert highlights the SEC’s observations relating to firms’ deficiencies concerning (a) AML policies and procedures and internal controls; and (b) suspicious activity reporting (SAR). The SEC’s emphasis on AML should come as no surprise, as the SEC has previously included it as an exam priority. FINRA has additionally provided broker dealers with extensive AML guidance.
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In Short
The Situation: The Securities and
Exchange Commission s Division of Examinations
( EXAMS ) released a Risk Alert on March 29, 2021, reminding
broker-dealers of their obligation to comply with anti-money
laundering ( AML ) requirements imposed by the Bank
Secrecy Act ( BSA ) and related regulations in
particular, those relating to the filing of Suspicious Activity
Reports ( SARs ).
The Result: The Risk Alert highlighted
deficiencies observed by EXAMS and encouraged broker-dealers to
review and improve their AML policies, procedures, and controls
related to the monitoring and reporting of suspicious activity.
Looking Ahead: The Alert, together with
EXAMS 2021 Examination Priorities, signals a continuing focus
by the SEC on AML issues. To diminish the possibility of an