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The other financial institution also must be subject to an AML compliance program rule and be regulated by a federal functional regulator.The broker-dealer and other financial institution must enter into a contract and the other financial institution must certify annually to the broker-dealer that it has implemented an AML program. Legal entity customer means a corporation, limited liability company, or other entity that is created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account.
Statutes that include AML-related provisions may be amended from time to time, and new statutes may be enacted which include AML-related provisions.Rule 17a-8 under the Securities Exchange Act of 1934 (Exchange Act) requires broker-dealers to comply with the reporting, recordkeeping, and record retention rules adopted under the BSA.The USA PATRIOT Act was enacted by Congress in 2001 in response to the September 11, 2001 terrorist attacks.Broker-dealers can satisfy this requirement by implementing and maintaining an AML program that complies with SRO rule requirements.An AML program must be in writing and include, at a minimum: Section 326 of the USA PATRIOT Act amended the BSA to require financial institutions, including broker-dealers, to establish written customer identification programs (CIP).
Although this research guide summarizes some of the key AML obligations that are applicable to broker-dealers, it is not comprehensive.