Anti-Money Laundering Audits
Ensure protection against fraudulent activites.
New ways to launder money and engage in other fraudulent activities are created each year and a broker-dealer’s AML policies and procedures need to be updated and tested to protect the firm. Under the USA PATRIOT Act and FINRA Rule 3310, the majority of broker-dealers are required to annually review their anti-money laundering procedures to be certain they are meeting regulatory requirements. An important part of a firm's AML Program is the development of an appropriate Customer Identification Program, designed to ensure that the customer is adequately “known” to the firm.
During an AML Audit, an NRS consultant will speak with key personnel to assess their AML requirement knowledge and complete the following:
- Review and test the AML written supervisory policies and procedures
- Review client files with an emphasis on foreign clients
- Review and test internal surveillance practices
- Review the plan for AML training for all appropriate personnel
- Review for all required AML documentation
- Deliver a written report highlighting deficiencies and suggesting appropriate “fixes"
For more information on AML Audits, contact us today.