Federal regulators have reached an agreement to share information on the anti-money laundering examinations of broker dealers and investment companies. The Securities and Exchange Commission (SEC) and the Treasury Department's Financial Crimes Enforcement Network (FinCEN) will begin a "routine exchange" of examination and enforcement information about SEC-regulated firms' compliance with the Bank Secrecy Act. The agreement is similar to existing agreements among FinCEN, the federal banking agencies, and the Internal Revenue Service, according to the release. The SEC will provide FinCEN quarterly information on its anti-money laundering examination and enforcement activities as well as the activities of the securities self-regulatory...
Internet portals that facilitate crowd-sourced fundraising will need to spend tens of thousands of dollars to comply with anti-money laundering rules proposed by the U.S. regulator of broker-dealers, say industry consultants.
The securities industry's chief regulator fined online trading firm E-Trade $1 million for failing to verify the identity of tens of thousands of customers, a key tenet of federal anti-money laundering regulations.
The SEC had requested comments on whether it should reintroduce a modified version of a Web database that identified companies with investments in countries designated state sponsors of terror. The list was pulled from the SEC website in July, amid protests from lawmakers and business leaders.
The U.S. Securities and Exchange Commission extended a grace period allowing broker-dealers to meet a customer identification due diligence rule by obtaining guarantees from the investment advisers they work with, the agency said Thursday.
A Securities and Exchange Commission action against a Florida brokerage for not filing suspicious activity reports sends a message to securities dealers that they could be punished for historic anti-money laundering (AML) program failures, experts say