Annual Anti-Money Laundering (AML) Independent Testing
FINRA Rule 3310 requires broker-dealers to perform an annual independent testing for compliance to be conducted by a qualified party.
The FINRA required AML testing requirements go to the heart of understanding how efficiently your firm is running. They are perfect opportunities to get informed and objective outside feedback provided to senior management.
Since Bedford and Main developed AML testing services to fulfill these requirements, our business has grown significantly year after year. Our clients now range from large independent full-service retail houses, to small one-man private placements firms – from traditional US clients only, to diverse foreign client bases that span the globe – from on-line, self-directed firms to DVP/RVP institutional broker-dealers.
We attribute our success in this area to the fact that each AML review leverages our 35+ years of industry knowledge, our FINRA compliance expertise, our financial services expert witness services, and of course, our CAMS certification as AML specialists.
- Reviews are timely, detailed, and thorough.
- The entire review is performed by a previous independent broker-dealer CEO, who is CAMS Certified.
- The test includes an AML oriented business analysis, allowing for a client customized risk-based review.
- Meeting with Compliance/AML senior management is an essential component of the review.
- We issue a detailed report that provides meaningful insights; not a simple “check the box” review.
- Follow-up calls are encouraged.
- Additional services developing AML Written Supervisory Procedures are offered separately