Rules Requiring Firms to Implement Anti-Money Laundering Programs
Published on:
July 27, 2005
Issue:
The Securities Industry Association (SIA)* provides comments to the Securities and Exchange Commission (SEC) on the National Association of Securities Dealers, Inc. (NASD) proposed revisions to the rules requiring firms to implement anti-money laundering (AML) programs, Files Nos. SR-NASD-2005-066 and SR-NYSE-2005-36. The rules that would be revised are NASD Rule 311 and New York Stock Exchange (NYSE) Rule 445. SIA believes the two different proposals would cause disruptions to many of the AML compliance structures currently in place, and may lessen the effectiveness in AML compliance.
*SIFMA is the product of the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.