United States:
FINRA Amends Customer Due Diligence Requirements For Capital Acquisition Brokers
25 October 2018
Cadwalader, Wickersham & Taft LLP
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A proposed amendment to FINRA's anti-money laundering
("AML") program requirements for capital acquisition
brokers is now effective with an implementation date of
November 19, 2018.
As
previously covered, the amendment requires capital acquisition
brokers to include in their AML programs risk-based procedures for
conducting ongoing customer due diligence. The amendment conforms
FINRA Rule 331 to the Financial Crimes Enforcement Network
Customer Due Diligence Rule that went into effect on May 11,
2018.
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