SEC Shouldn't Complicate Broker-Dealers' AML Compliance

SEC Shouldn't Complicate Broker-Dealers' AML Compliance

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In this article published in Law360, Partner Michael Leotta and Counsel Jason Wilson discuss the SEC's recent anti-money laundering enforcement actions.

Excerpt: “First, the SEC continued its logically flawed expansion of its AML jurisdiction into areas already covered by other regulators. The SEC does not have its own AML program rule, and it does not have jurisdiction to charge a broker-dealer for violating the Financial Crimes Enforcement Network's Bank Secrecy Act regulations or the Financial Industry Regulatory Authority's Rule 3310 for the failure to maintain or establish a reasonably designed AML program.”

Read the full article. 

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