The messages are clear. Sales practice concerns, fraud, and operational issues related to the COVID-19 pandemic have arrived. Compliance professionals who are responsible for the surveillance and review of targeted areas of the compliance program should understand what may be coming down the pipe and ensure that their programs are sufficiently flexible to identify potential red flags.
FINRA warns member firms to be on the lookout for a fraudulent phishing emails that are currently circulating. Recently, member firms have reported to FINRA that they have received suspicious emails targeting their compliance personnel.