AML due diligence
AML due diligence is imperative for all securities advisors in order to remain in good AML compliance status. AML due diligence could be what saves your investment firm from ruin due to stricter and more stringent AML laws recently handed down by the SEC and FINRA. Starting on 9/11, 2001, new anti-terrorism laws, the Patriot Act and The Bank Secrecy Act, have been implemented by our government in order to protect our country from terrorist money laundering. Since that dark moment in our nation's history, the AML compliance program and an annual AML audit have become a reality for most securities advisors in order to keep terrorist money laundering activities to a minimum.
But even if your firm has already made an annual AML audit a part of its protocol, AML compliance is still something that is not easily earned. AML due diligence is imperative because AML regulations and guidelines are in constant flux, making AML compliance status a real challenge to keep. For those financial institutions who do not make AML due diligence a top priority, the consequences for their company's lack of cooperation is building on a daily basis. FINRA has accrued just under $113 million dollars in fines last year alone, and is poised to usurp that record in 2009.
With these facts in mind, due diligence is no easy task and should never be attempted alone. AML due diligence should always be done with the help of an outside AML compliance firm who specializes in AML policies and procedures. An established AML compliance firm will help your firm with AML due diligence and prepare you for all AML audits.
But all AML compliance firms are not created equal and your AML due diligence should only be conducted by the best in the business. An established AML compliance firm will always be located in the financial district and have its finger on the pulse of the SEC and FINRA's long reaching, regulatory hand. An established AML compliance firm will also have a long list of reputable clients who use them for all of their AML due diligence needs. An established AML compliance firm will also have AML compliance officers on staff who are ex SEC officials, and who have a direct link to all new AML policy and procedure guidelines. Due diligence conducted by these AML compliance experts is the only way to guarantee a hassle free experience when it comes to all AML audits. Remember to look for all of these traits while searching for an outside AML compliance firm to conduct your AML due diligence and never settle for anything less.
If you would like to learn more about AML due diligence or talk with an due diligence specialist, fill in the form to the right of the page. A due diligence expert will contact you shortly for your free consultation regarding all issues pertaining to AML due diligence and procedures. Remember to never attempt to conduct AML due diligence without the help of an expert. The consequences could be devastating.
