Series 22: Anti-Money Laundering Compliance Program

Taken from our Series 22 Top-off Online Guide

Anti-Money Laundering Compliance Program

FINRA member firms are required to establish and implement written policies, procedures, and internal controls designed to achieve compliance with the following reporting and recordkeeping requirements:

To record cash purchases of negotiable instruments between $3,000 and $10,000 in a Monetary Instrument Log (MIL) and to maintain these records for a minimum of five years.

To report to FinCEN any cash transactions in a single day exceeding $10,000, whether conducted in one transaction or several smaller ones, using the U.S. Treasury’s Currency Transaction Report (CTR).

To file a Suspicious Ac

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