Brokerage firms must put into place systems to detect and report suspicious activities, in addition to performing customer due diligence – including verifying beneficial ownership for legal entity customers. FinCEN acknowledges the unique risk profiles of each firm and does not expect an AML program that covers everyone equally. Instead, independent testing should take place to ensure compliance with BSA and associated regulations. Identifying Suspected Money Launderers SEC Enforcement actions, FINRA Risk Alerts and 2023…
