SROs tighten AML rules
NEW YORK – The New York Stock Exchange (NYSE) and the National Association of Securities Dealers (NASD) have proposed separate but similar anti-money laundering (AML) rule changes that require member firms to test their AML programmes at least every year.
The self regulatory organisations (SROs) have submitted their proposals to the Securities and Exchange Commission (SEC).
The proposed rule changes establish that the "independent testing" requirement of the AML programme must be conducted, at minimum, on an annual calendar-year basis by members and member organisations that conduct a public business, or every two years if no public business is conducted. The amendments also establish a standard to determine who is adequately qualified and
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