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
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
-Non-Registered Administrative Personnel
Andrew Byer, has nearly 14 years of broker dealer compliance experience, most recently as a consultant to Liquidnet, Inc., one of the leading alternative trading platforms for institutional clients. He has also held senior compliance positions with Pimco LLC, BlackRock, Inc. in New York, NY and Bisys Fund Services, Inc. in Columbus, OH, where he served as Chief Compliance Officer with the firm’s mutual fund distributor broker dealer. He holds FINRA Series 7, 24, 51 and 63 licenses. He received a Master of Public Administration degree from The Ohio State University and a Bachelor of Arts from The University of Wisconsin – Madison.