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Audits of Securities Firms Should Account for International Growth, Political Events: Consultants
By Brian Monroe
printAs investment firms look toward new markets to turn a profit, the individuals charged with auditing their compliance program should take note. Bad audits remain a common thread of costly regulatory penalties. In recent years, failures related to independent testing have been "among our most commonly cited" anti-money laundering (AML) violations, according to Sarah Green, senior director of enforcement and Bank Secrecy Act policy at the Washington, D.C.-based Financial Industry Regulatory Authority (Finra). The self-regulatory organization has recently cited firms for allowing individuals to conduct audits of their own performance and for failing to look deeply enough at high-risk business...
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