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April 16, 2007
SEC Aims to Make AML Compliance Easier
The SEC's Office of Compliance Inspections and Examinations (OCIE) today announced the availability of a new online resource for anti-money laundering (AML) information. The "AML Source Tool" compiles and organizes all of the major rules and regulations surrounding AML.
"We're hoping that this AML Source Tool will assist broker-dealers with their AML compliance efforts," said Lori Richards, director of OCIE, in a release. "It puts all AML requirements in one easy-to-reference location. While we initially developed the Source Tool for our own SEC examiners, we think it also will be an invaluable reference tool for broker-dealers and their internal AML compliance staff."
The SEC warns, however, that the tool is no substitute for good, old-fashioned research, as it is a summary, and not comprehensive. This disclaimer is among the first bits of information on the new website, begging the question: What function does this so-called 'tool' actually serve? The only useful feature of the tool seems to be that it collects links to full pieces of legislation, which can often be difficult to locate through the SEC's complex and unintuitive website.
In related news, the SEC filed its first case last week against a firm for failing to meet the requirements of 2002's USA PATRIOT Act. Park Financial Group Inc. of Winter Park, Fla. is accused of failing to file suspicious activity reports regarding questionable trading activity in several British Virgin Islands accounts.
Posted by Cory Levine at 07:19 PM
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