By Stuart Gittleman, Compliance Complete
(Additional reporting by Suzanne Barlyn of Reuters)
NEW YORK, Jan. 17 (Thomson Reuters Accelus) - Anti-money laundering compliance will again be a focus of Financial Industry Regulatory Authority examinations this year, particularly at broker-dealers with higher-risk business models due to their clients, products and service mix, or locations.
HSBC’s $1.9 billion fine last month highlighted, among other things, the potential AML risks associated with foreign affiliates and the business they transact through their U.S. financial institution affiliates, FINRA said in its 2013 annual regulatory and examination priorities letter. (more…)