THE SOURCE NEWSLETTER
theSOURCE™ JULY 2008
The Source is IPSA's monthly newsletter focused on Anti Money Laundering.
Securities Broker-Dealers Adjust to New
Post-Sanction Realities
by Aaron Fox, Managing Director, Minneapolis Office
Regulatory expectations of what broker-dealers must do under the USA Patriot Act continue to evolve. Since 2006, a number of broker-dealers have been sanctioned for shortcomings in their anti-money laundering (AML) programs after they failed to identify and report potentially suspicious activity arising from securities transactions. The sanctions touched a varied crowd – from retail brokers in Las Vegas to market makers in New York — and reflect the evolution of Patriot Act interpretation from regulation driven by banking definitions of potentially suspicious activity to regulation tailored to the business activities of specific firms.
Follow These 5 Rules to Spruce Up SAR Writing Skills
by Eli Research
In this article, Bill Goss, IPSA’s Director of AML Services, provides 5 suggestions to improve your staff’s SAR writing skills to create understandable and valuable SARs and leaving less room for error:
Think that regulators want to see you use highly-specific lingo? Think again. If you aim to improve staff’s SAR writing skills, these five recommendations from former law enforcement officials will help you ramp up to clearer, more effective SARs in no time.
