News

Hundreds of U.S. broker-dealers and other firms are ill-equipped to identify all potential indicators of money laundering described by their regulator in guidance this month and may have to adjust their monitoring systems as a result, sources told ACAMS moneylaundering.com. In a 12-page document published May 6, the Financial Industry Regulatory Authority, or Finra, warned brokerages and other securities firms to screen for nearly 100 red flags of possible money laundering, covering everything from due diligence issues and suspicious deposits to high-risk trading activity and atypical use of insurance products. The list dramatically expands an earlier, 2-page version of 25...