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The USA PATRIOT Act: Brokers Face Many Challenges in Anti-Money Laundering Compliance

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This TowerGroup Research Note looks into the impact of the new anti-money laundering regulations on broker/dealers.

Brokers are rushing to assess their readiness for the anti-money laundering (AML) mandates placed upon the industry by the USA PATRIOT Act, but their ultimate resolutions will depend on their position in the market hierarchy. Sell-side firms are taking different approaches, essentially relative to their size and technology budgets. The largest firms, recognizing their dominant positions and high profiles, must establish comprehensive anti-money laundering programs that go beyond suitability analysis and fair practices monitoring to an enterprise-wide, bulletproof solution. The public will perceive anything short of that to be another sign of brokersÂ’ greed at the expense of their regulatory and ethical obligations. At this sensitive and critical time for a brokerage industry clamoring for positive press, that would be nothing short of a disaster for top-tier firms, who can ill afford even a hint of impropriety.
Vendor:
Sybase, an SAP company
Posted:
11 May 2003
Published:
01 Mar 2003
Format:
PDF
Length:
12 Page(s)
Type:
Analyst Report
Language:
English

This resource is no longer available.