Compliance Challenges for FINOPs

Compliance Challenges for FINOPs

In today’s ever-evolving broker dealer environment, a Financial and Operations Principal (“FINOP”) plays a vital role in ensuring the compliance and financial integrity of the broker dealer(s) that he/she is registered with. Due to constant changes within the regulatory landscape, FINOPs encounter numerous compliance challenges that demand their attention and expertise, and as a result, a FINOP must have the knowledge and experience to suggest strategies to the broker dealer to help effectively address these challenges. Below are a few common compliance challenges that FINOPs face along with strategies to help address them: – Regulatory Complexity: Broker dealers operate in Read more about Compliance Challenges for FINOPs[…]

It has been an exciting year for Securities Compliance Management (“SCM”)

The Ultimate Solution for Compliance Management

It has been an exciting year for Securities Compliance Management (“SCM”). The Firm has successfully: Initiated numerous New Membership Applications (“NMAs”) for new firms seeking the Financial Industry Regulatory Authority’s (“FINRA”) approval, Initiated several Continuous Membership Applications (“CMAs”) for existing firms that are planning to undergo a material change in their line of business operations, Partnered with new broker-dealer and registered investment advisor firms to assist them with their FinOp and/or compliance programs, and Assisted in the buy/sell of existing broker-dealer firms. Along with the new relationships that Securities Compliance Management has established this year, the Firm is also incredibly Read more about The Ultimate Solution for Compliance Management[…]

FINRA Unscripted Podcast: AML Update

FINRA Unscripted Podcast: AML Update

FINRA recently released a podcast AML Update: The Latest Trends and Effective Practices . This podcast provides a great update on the current AML and fraud trends and best practices from Jason Foye, Senior Director of the National Cause and Finance Crimes Detection Program’s Special Investigative Unit . A few highlights from the AML update podcast: Financial Crimes Enforcement Network (FinCEN) Priorities On June 30, 2021, FinCEN posted a bulletin that set out eight priorities, focused on threats to the U.S. financial system and national security. These priorities include corruption, cybercrime (including relevant cybersecurity and virtual currency considerations), foreign and Read more about FINRA Unscripted Podcast: AML Update[…]

Considerations for FinCEN 314(a) Policies and Procedures

Considerations for FinCEN 314(a) Policies and Procedures

The Financial Crimes Enforcement Network (FinCEN) is a program under Rule 31 CFR Part 1010.520 that requires certain financial institutions to search their records and identify if they have responsive information with respect to the particular investigative subject. This provides a service to law enforcement by providing an additional layer to help locate financial assets and recent transactions of individuals, entities, and organizations engaged in or reasonably suspected, based on credible evidence, of engaging in terrorist acts or money laundering activities. Who is required to perform FinCEN reviews? Currently, only broker-dealers are subject to FinCEN program 314(a) requirements. Registered investment Read more about Considerations for FinCEN 314(a) Policies and Procedures[…]

Filing A Suspicious Activity Report ("SAR")

Filing A Suspicious Activity Report (“SAR”)

The Financial Crimes Enforcement Network requires certain financial institutions to file a Suspicious Activities Reports (“SAR”) to report suspicious transactions, as detailed in their FinCEN SAR Electronic Filing Instructions. This blog will go over some of the important aspects of filing a Suspicious Activity Report.

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