Regulatory Notice 17-40

FINRA Provides Guidance to Firms Regarding Anti- Money Laundering Program Requirements Under FINRA Rule 3310 Following Adoption of FinCEN’s Final Rule to Enhance Customer Due Diligence Requirements for Financial Institutions

Summary

FINRA is issuing this Notice to provide guidance regarding member firms’ obligations under FINRA Rule 3310 (Anti-Money Laundering Compliance Program) in light of the Financial Crimes Enforcement Network’s (FinCEN) adoption of a final rule on Customer Due Diligence Requirements for Financial Institutions (CDD Rule).

FinCEN’s CDD Rule became effective July 11, 2016. Member firms must be in compliance with its provisions by May 11, 2018.

Questions concerning this Notice should be directed to:

  • Michael Rufino, Executive Vice President, Head of Member Regulation—Sales Practice, at (212) 858-4487;
  • Victoria Crane, Associate General Counsel, Office of General Counsel, at (202) 728-8104; or
  • Meredith Cordisco, Associate General Counsel, Office of General Counsel, at (202) 728-8018.