AML

With the Trump administration pledging to review recently passed federal rules, the Investment Adviser Association wants to submit new comments on an anti-money-laundering law for RIAs.

The case reflects the extent of industry efforts — and failures to enforce — guidelines such as customer identification programs.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.

The Financial Crimes Enforcement Network Tuesday proposed a rule to include investment advisors in the compliance regime under the Bank Secrecy Act, aiming to close regulatory gaps exploited by criminals.

Sheldon Whitehouse, D-Rhode Island, and Roger Wicker, R-Mississippi, introduced bipartisan legislation to put more responsibility on accountants and other financial professionals to safeguard against money laundering and other crimes.

The Advisor Group IBD missed 55 alerts suggesting suspicious disbursements by clients of Hector May, according to the SEC.

The giant retirement plan recordkeeper’s BD didn’t adequately file suspicious activity reports for more than three years, according to investigators.

The SEC says broker-dealers may treat investment advisors as if they were subject to the AML Rule — under certain conditions.

The alleged supervisory lapses occurred over a five-year period, according to the regulator.

The midterm elections virtually eliminate the chance that progress will be made on financial services legislation.