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FINRA Proposes Amending Customer Due Diligence Requirements for Capital Acquisition Brokers

FINRA proposed amending its anti-money laundering ("AML") program for capital acquisition brokers. The amendment would require risk-based procedures for conducting ongoing customer due diligence. The proposal conforms FINRA Rule 331 to the Financial Crimes Enforcement Network ("FinCEN") Customer Due Diligence Rule ("CDD Rule") that went into effect on May 11, 2018.

Primary Sources

  1. FINRA Filing to SEC: Proposed Rule Change to Amend CAB Rule 331 (Anti-Money Laundering Compliance Program) to Conform to FinCEN Final Rule on Customer Due Diligence Requirements for Financial Institutions

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Tags

Regulated Activities
AML Compliance Account Handling
Sub-Activity
Customer Due Diligence (CDD)
Regulated Entities
Broker-Dealers
Sub-Entity
Capital Acquisition Brokers
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA