The Financial Industry Regulatory Authority (FINRA) is encouraging member firms to start proactively incorporating new anti-money laundering and countering the financing of terrorism (AML/CFT) priorities mandated by Congress into their risk-based compliance programs.
FINRA issued a regulatory notice Friday outlining steps financial institutions should take to realign their AML compliance to the new priorities. Nonbanking financial institutions, including broker-dealers, will have a longer lead time to begin incorporating these priorities into their AML programs, FINRA said.
