On April 11, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-18 (Notice) in response to increasing reports from customers experiencing customer account takeover (ATO) incidents.
Continue Reading FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts
NFA Proposes Amendments to Interpretive Notice Regarding AML Programs
By Kevin M. Foley & Jack A. West on
Posted in CFTC
On May 28, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC) proposed amendments to NFA Interpretive Notice 9045 (Interpretive Notice) regarding the anti-money laundering (AML) Programs that introducing brokers (IBs) (and futures commission merchants) are required to implement.
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Regulators Issue New Guidance Related to Certain Prepaid Cards
Posted in Banking
On March 21, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Financial Crimes Enforcement Network (collectively, the “regulators”) issued new guidance related to the application of customer identification (CIP) program requirements to prepaid card customers. The regulators issued the guidance in connection with their authority under Section 326 of the US Patriot Act.
Continue Reading Regulators Issue New Guidance Related to Certain Prepaid Cards