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AML Deficiencies Still High at Securities Firms, Regulators Say
By Brian Monroe
printSome securities firms are struggling to build anti-money laundering programs that meet many of the basic standards already followed by most banks, including independent testing, even though the deadline to meet those standards passed four years ago. Roughly one-third of the 2,500 firms examined by the Securities and Exchange Commission failed to properly identify customers, report suspicious activity, or conduct tests for AML vulnerabilities. Nonetheless, brokers had fewer overall deficiencies in their AML programs in 2006 than in previous years, according to data just released by the SEC and the National Association of Securities Dealers. While the data reflects an...
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