The regulatory climate for investment firms has changed. Suddenly, investment firms, previously stayed under the radar for Anti-Money Laundering (AML) compliance, now find themselves caught in the crosshairs.
In the first six months of 2019, enforcement actions were up over 200% for the same period in 20181. Recent fines imposed for ineffective compliance programs have been exorbitant.
In addition to excessive fines, investment firms cited for non-compliance often see a loss in shareholder value and suffer severe damage to their reputation. Fortunately, enforcement actions are avoidable.
With the right end-to-end tools, investment firms can create a robust compliance program that gives them a 360-degree view of their customers and transactions, greatly mitigating their risk.
Consider these alarming examples:
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1. Hodgkins, Gerald; Hulnick, Blake and McGrath, Catherine, “SEC has been busy in 2019”, www.law360.com, April 2019
3. http://www.finra.org/newsroom, December 2018
4. www.law360.com/articles, December 2018