The Proposed Rule Would Subject Certain Investment Advisers to a Broad Range of AML/CFT Obligations and Represents a Significant Development for the Sector -
Regulators have long considered the lack of anti-money...more
2/27/2024
/ AML/CFT ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Compliance ,
Currency Transaction Reports (CTR) ,
Customer Due Diligence (CDD) ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Law Enforcement ,
Patriot Act ,
Policies and Procedures ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Third-Party Service Provider
Section 3(a)(5) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) defines a “dealer” as “any person engaged in the business of buying and selling securities […] for such person’s own account...more
Financial Industry Regulatory Authority (“FINRA”) supervisory control rules require each securities broker-dealer that is a member of FINRA to categorize every location from which the business of the broker-dealer is...more