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Securities Firms Still Struggle with CIP, Resources, Says Former Finra Counsel
printSecurities regulators are likely to increasingly penalize firms that fail to identify the beneficial owners of accounts controlled by so-called "master" accounts, according to Alma Angotti, the former senior counsel in the Financial Industry Regulatory Authority's enforcement department. The issue has arisen as the agency, known as Finra, is pushing securities companies with good anti-money laundering (AML) programs to be better at identifying suspicious activity, said Angotti, who started as a director in June with Chicago-based Navigant Consulting. The number of enforcement actions issued annually by the independent regulator will likely remain roughly the same going forward, she said. Angotti,...
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