US Securities and Exchange Commission publishes AML Source Tool
On January 1, 2008, US Securities and Exchange Commission published Anti-Money Laundering (AML) Source Tool, which represents a research guide. The guide compiles key AML laws, rules, and guidance that are applicable to broker-dealers.
As far as there is a great variety of related anti-money laundering guidance materials that assist broker-dealers, AML Source Tool summarizes and points out key anti-money laundering compliance materials and provides related source information.
The guide prepared by staff in the Office of Compliance Inspections and Examinations (OCIE), Securities and Exchange Commission includes the following topics:
- the Bank Secrecy Act;
- the USA PATRIOT Act;
- AML compliance programs;
- customer identification programs;
- Correspondent Accounts: prohibition on Foreign Shell Banks and Due Diligence Programs;
- Due Diligence programs for Private Banking Accounts;
- suspicious activity monitoring and reporting;
- other BSA reports;
- records of funds transfers;
- information sharing with law enforcement and financial institutions;
- special measures imposed by the Secretary of the Treasury;
- Office of Foreign Asset Control (OFAC) Sanctions Programs and other lists;
- selected additional AML resources;
- useful contact information.
It goes without saying that anti-money laundering regulations, rules and orders are subject to change and often they can change rapidly. Therefore, it is to be taken into account that the information summarized in the compilation is current as of January 1, 2008.