Building a Broker Dealer Compliance Program

Broker-dealers (BDs) recently caught a break, with the U.S. Securities & Exchange Commission (SEC) extending its “no-action relief” for BD customer identification obligations, according to a memo.

SEC guidance allows brokerage firms to rely on their registered investment adviser (RIA) third parties to conduct some or all of their customer identification program duties, as specified by federal anti-money laundering (AML) laws..