Is your firm trying to figure out how to accomplish compliance with mandatory training requirements before the year ends?  MasterCompliance can help you with your training needs.  FINRA rules dictate that all member firms provide adequate training for its registered representatives and principals on an annual basis.  At a minimum, Firms must provide firm element training (FINRA Rule 1250(b)), anti-money laundering training (FINRA Rule 3310(e)), and hold an annual compliance meeting (FINRA Rule 3110(a)(7)).  The purpose of firm element training is to keep registered representatives and principals up to date with on the job and product-related subjects.  The purpose of anti-money laundering training is to train representatives and principals to detect and report suspicious activity including the predicate offenses to money laundering and terrorist financial, such as securities fraud and market manipulation.  FINRA’s supervision rule requires that firms conduct annual compliance meetings and maintain evidence of the registered representatives and registered principals that attended.  The purpose of the annual compliance meeting is to address compliance matters relevant to the activities of the registered representatives and principals.  The annual compliance meeting may be conducted in person or by other means such as on-demand webcast, video conference, interactive classroom setting, telephone, or other electronic means.  However, the training must be interactive which means that representatives should be able to ask questions.

How can MasterCompliance help your firm with required annual training? MasterCompliance offers a training portal filled with custom training videos. This portal provides streaming compliance training videos surrounding essential topics that can help you accomplish your compliance training needs. For example, we have training videos on anti-money laundering, communications with the public, gifts and gratuities, social media, and so much more.  One of the key considerations is for your firm to have controls to ensure that each person has watched the entire video and completed the training in its entirety. This is exactly what our software is intended to do. We will be able to give you statistics on who at your company watched what percentage of each selected video.

We offer you the ability to customize the training each select person receives.  If you want different individuals to receive training based on the areas that are the most relevant to their department, we provide you with that option.  Our training portal may be used to satisfy firm element training, anti-money laundering training, and the annual compliance meeting.  If your firm has not completed the annual training requirements, please don’t hesitate to give us a call.