The USA PATRIOT ACT seriously impacted firms and required that many new account processes be modified to verify the identity of clients – Self Regulatory Organizations (SROs) are now focusing on this to ensure that firms have integrated and are following this identify verification into their account opening process.
As a “Qualfied Third Party”, we have conducted a number of independent audits to review firms’ compliance with the ACT. For the most part, our experience is that most firms have adhered to the “spirit and the letter of law.” We have made, and our clients have been receptive to, recommendations to strengthen their procedures, collect and retain required documents. Scanning of source documents has had a positive impact on their ability to maintain documentation and reduce dependence on paper records which are often lost or misfiled.
What has been your experience with ensuring your AML compliance?
November 1, 2007
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