A proposed amendment to FINRA's anti-money laundering ("AML") program requirements for capital acquisition brokers is now effective with an implementation date of November 19, 2018.
As previously covered, the amendment requires capital acquisition brokers to include in their AML programs risk-based procedures for conducting ongoing customer due diligence. The amendment conforms FINRA Rule 331 to the Financial Crimes Enforcement Network Customer Due Diligence Rule that went into effect on May 11, 2018.