FINRA Rule 3310

Requires that each member firm develop and implement a written AML program that is approved in writing by senior management and is reasonably designed to achieve and monitor the firm’s compliance with the Bank Secrecy Act (BSA) and its implementing regulations.

Rule Overview

Jurisdiction: United States

Regulator: FINRA

Topic: AML

Overview

Notable

Latest News

The AML programs required by the rule must, at a minimum, include:

FINRA Rule 3310(a)

policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions

FINRA Rule 3310(b)

policies, procedures and internal controls reasonably designed to achieve compliance with the BSA

FINRA Rule 3310(c)

provision for independent testing for compliance each calendar year (or every two years in some specialized cases)

FINRA Rule 3310(e)

ongoing training for appropriate personnel

FINRA Rule 3310(f)

inclusion of appropriate risk-based procedures for conducting ongoing customer due diligence

Notable

Supervision

Inside FINRA's Crypto Hub: Its mission and surveillance efforts explained

August 23, 2023

Jason Foye, chief of FINRA's Crypto Hub, offers an inside view of the agency's crypto asset oversight activities.

Julie DiMauro 3 min read

Enforcement

Merrill Lynch fails to file nearly 1,500 SARs, say SEC and FINRA

July 12, 2023

FINRA and the SEC fine Merrill Lynch $6m, saying the broker-dealer failed to implement policies, procedures, and internal controls.

Julie DiMauro 1 min read

Compliance

SEC risk alert notes deficiencies found in recent AML examinations

August 4, 2023

Latest SEC Risk Alert presents examination observations about key AML requirements, such as the independent testing of firms’ AML programs and customer verification.

Julie DiMauro 2 min read