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Article
Publication date: 11 July 2018

Rick Kuhlman, Jeff Ziesman, Carolyn Browne and Jason Kempf

The purpose of this paper is to bring broker-dealers’ attention to the upcoming deadline for compliance with the Financial Crimes Enforcement Network’s (FinCEN’s) final rule on…

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Abstract

Purpose

The purpose of this paper is to bring broker-dealers’ attention to the upcoming deadline for compliance with the Financial Crimes Enforcement Network’s (FinCEN’s) final rule on Customer Due Diligence Requirements for Financial Institutions (the CDD Rule).

Design/methodology/approach

The paper explores the origins of the anti-money laundering (AML) requirements and then explores the new CDD Rule requirements as outlined by FINRA Regulatory Notice 17-40.

Findings

Firms are likely largely already in compliance with most aspects of the CDD Rule.

Practical implications

Most firms likely will not need to make any significant changes to their AML polices. However, for some they will need to evaluate and modify their AML policies and procedures.

Originality/value

Practical guidance is obtained from experienced broker-dealer, investment adviser, securities litigation and compliance lawyers.

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Article
Publication date: 9 September 2013

Therese Pritchard, Jeff Kalinowski and Jeff Ziesman

The purpose of this paper is to remind investment advisers of the need for robust compliance policies and procedures in light of a recent SEC administrative proceeding in the case…

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Abstract

Purpose

The purpose of this paper is to remind investment advisers of the need for robust compliance policies and procedures in light of a recent SEC administrative proceeding in the case of IMC Asset Management, Inc.

Design/methodology/approach

The paper describes discrepancies the SEC cited in IMC's compliance program and its chief compliance officer's (CCO's) performance, and recommends compliance policies and procedures that firms should review, including compliance staff training, experience and competence; appropriate number of compliance personnel; periodic review of policies and procedures; and attention to SEC examination findings.

Findings

This matter follows several other settled cases, which were resolved in late 2011, in which the SEC alleged serious overall compliance program deficiencies and found that the CCOs at those firms did not devote enough time to compliance responsibilities.

Practical implications

In light of the SEC administrative proceeding, investment advisers should consider the compliance program review measures recommended in this article.

Originality/value

The paper provides practical guidance by experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 14 no. 3
Type: Research Article
ISSN: 1528-5812

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