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Several statutory and regulatory provisions, and related rules of the securities self-regulatory organizations (SROs), impose AML obligations on broker-dealers.A wealth of related AML guidance materials is also available.
In addition, please note that in July 2007, the SEC approved the establishment of the Financial Industry Regulatory Authority (FINRA).Among other things, the USA PATRIOT Act amended and strengthened the BSA.It imposed a number of AML obligations directly on broker-dealers, including: Section 352 of the USA PATRIOT ACT amended the BSA to require financial institutions, including broker-dealers, to establish AML programs.Among other things, it authorizes the Secretary of the Treasury (Treasury) to issue regulations requiring financial institutions (including broker-dealers) to keep records and file reports on financial transactions that may be useful in investigating and prosecuting money laundering and other financial crimes.
The Financial Crimes Enforcement Network (Fin CEN), a bureau within Treasury, has regulatory responsibilities for administering the BSA.
Rule 17a-8 under the Securities Exchange Act of 1934 (Exchange Act) requires broker-dealers to comply with the reporting, recordkeeping, and record retention rules adopted under the BSA.