Need AML technology? Getting it through clearing firms can be cheaper


Arrangements between AML compliance system producers and clearing firms might make your life easier if you’ve been trying to support your AML program alone.

Clearing firms such as Pershing and Fidelity are using economies of scales to offer introducing broker-dealers access to AML technology the BD firms could not otherwise afford. Speaking in general terms and not about particular firms or products, Steve Ganis an attorney at Mintz Levin in Boston, says, “Clearing brokers have long shared alerts generated by their own monitoring systems with their introducing brokers as a tool, but not a substitute, for the introducer’s own AML and SAR compliance."

He also notes.....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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