Exercising “reasonable due diligence” before approving customers for options trading: How hard is that? For that matter, how hard is it to maintain a supervisory system “reasonably designed to identify and respond to customer complaints?” And what about “not reporting certain written customer complaints to FINRA as required?” Taken together, those are the $3 million… Read More >>
Obama Administration Adopts KYC Rule to Combat Money Laundering
The Obama administration via the U.S. Department of the Treasury is taking steps to further combat tax evasion and money laundering, and announced that the Customer Due Diligence (CDD) Final Rule will be taking effect and will impose new know your customer (KYC) requirements upon financial services firms. The new impetus for this rule to… Read More >>
