The Financial Industry Regulatory Authority updated Wednesday the Anti-Money Laundering Template for small firms.
The update reflects member firms’ obligations under FINRA Rule 3310 in light of the Treasury Department’s Financial Crimes Enforcement Network’s (FinCEN) final rule on Customer Due Diligence Requirements for Financial Institutions.
FINRA provides the template to help small broker-dealers establish an AML compliance program as required by the Bank Secrecy Act and FINRA Rule 3310.
The template provides text examples, instructions, relevant rules and websites, and other resources.
FinCEN released Tuesday frequently asked questions guidance to help covered financial institutions understand the scope of the Customer Due Diligence Requirements for Financial Institutions rule.