FINRA requires all broker-dealers to have an independent test of their AML Procedures on an annual basis. A written report of the test must be provided to senior management or to the Board of Directors, depending on the structure of the firm.

1st BridgeHouse will review your procedures to ensure they are up-to-date, sample your new account forms to determine if you obtain all of the required customer information, and review any forms you may have been required to file in order to ascertain if they were completed appropriately. 1st BridgeHouse will also evaluate the required annual AML training, verify that the firm has made the appropriate annual certification with FinCen, assess customer disclosures, review the AML language in your clearing agreement, test your procedures where appropriate, and sample transactions/money flows to ensure that proper notices have been filed.

Since AML procedures and the rules and regulations promulgated as a result of the USA Patriot Act are a focus of FINRA and all regulators, we highly encourage broker-dealers to have these audits performed by 1st BridgeHouse, a firm that is independent, thorough, and knowledgeable.