AML Template for Small Firms

You can now smfind a template for small firms on FINRA’s site that will help them in establishing the AML compliance program. It includes relevant rules, Web sites, text examples, and other sources that will definitely be helpful during the development of an AML plan.
Click here to access FINRA’s page for this particular item.

FINRA Alert

FINRA has issued Alert to warn the public about scam that promises investors compensation from ARS which are auction rate securities, in exchange for personal information.  Please see real life example of what the email sent to investors looks like.
More information here.

New Podcasts from FINRA

Two new podcast are now available through FINRA’s website:
- PANDEMIC PREPAREDNESS (PART 1)
- CHANGES TO TWO OF THE SECURITIES INDUSTRY’S REGULATORY ELEMENT CONTINUING EDUCATION PROGRAMS (S101/S106)
For more info or to view them please click on this link.

Improper Soft Dollar Payments

FINRA has fined Terra Nova Financial $400,000 for making over $1Million in improper soft dollar payments to five hedge fund managers. The charges were also due to poor supervision and failing to retain its business-related electronic instant messages.
 
“Broker-dealers that collect soft dollars and make payments for their hedge fund clients must possess and implement adequate [...]

Learning to Invest – Podcast

There are two new podcasts available through FINRA’s site that discuss basics on investing (Podcast #1) and risks associated with different types of investments (Podcast #2).
Click here to view the podcasts.

How to Invest in Muni Bonds

This new podcast is nowavailable through FINRA’s site.
Click here to access podcast.

Anti-Money Laundering Programs Very Important

Just ask Scottrade about the recent fee imposed by FINRA. The brokerage firm has been charged $600,000 for “failing to establish and implement” an adequate anti-money laundering program.
“FINRA requires brokerage firms to establish and implement anti-money laundering policies, procedures and internal controls reasonably designed to detect and cause the reporting of any suspicious transactions that [...]