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Compliance

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Anti-Money-Laundering Technologies to Peak in 2003

In order to gain greater control over the parameters and conditions of their operations, top-tier broker/dealers have been implementing comprehensive USA Patriot Act solutions.

In order to gain greater control over the parameters and conditions of their operations, top-tier broker/dealers have been implementing comprehensive USA Patriot Act solutions. A recent TowerGroup study estimates the cost per firm for these solutions to be as high as $25 to $30 million. The report notes, "While this may seem to be quite costly, especially in light of the current cost-efficient times, the top-tier firms seem to be more than willing to absorb this cost as a form of insurance against further negative press and public fallout. On the heels of recent charges of fraud and other unethical acts, the industry can ill afford any additional citations of firms not complying with such a public patriotic effort."

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Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.