On‐line brokers may be better positioned than regular brokers in regard to money laundering laws

Abstract

To comply with the USA PATRIOT Act (the “Act”), Broker‐Dealers (“BDs”), among others, must establish an anti‐money laundering compliance program (“Program”) by April 24, 2002. NASD Regulation, Inc. (“NASDR”) filed, with the Securities and Exchange Commission (“SEC”), a proposed rule change to adopt new Rule 3011 prescribing the minimum standards required for each NASD member firm’s Program (“NASDR Proposal”). This article highlights those provisions affecting on‐line U.S. BDs and reviews them in summary fashion.

Citation

Hogan, M.J., Schneider, H. and Schadé, E.J. (2002), "On‐line brokers may be better positioned than regular brokers in regard to money laundering laws", Journal of Investment Compliance, Vol. 3 No. 1, pp. 70-73. https://doi.org/10.1108/joic.2002.3.1.70