FINRA Unscripted

The new Complex Investigations and Intelligence (CII) team and Cyber and Analytics Unit (CAU) are driving a shift in terms of how Member Supervision’s National Cause and Financial Crimes Detection Program comes at its work and leverages intelligence and analytics to drive decision making and operations.  On this episode, we hear from Omer Meisel, Vice President of CII, and Brita Bayatmakou, Senior...

The COVID-19 pandemic disrupted many facets of American life but did not derail a trend toward increasing financial capability. Still, not all Americans are benefiting equally from improvements in financial wellbeing, according to the new FINRA Foundation Financial Capability Study.  On this episode, Gerri Walsh and Gary Mottola of the FINRA Foundation join us to delve into the latest results of t...

Every year, millions of seniors become victims of financial exploitation, resulting in billions of dollars in losses. That's just one reason why the protection of these investors is a top priority for FINRA.  On this episode, we hear from FINRA’s Office of General Counsel’s Jeanette Wingler and Jim Wrona about how FINRA Rules 4512 and 2165, the first uniform national senior investor protection sta...

A broker-deal firm’s anti-money laundering efforts may overlap with any number of other regulatory concerns. On the last episode, we looked at the intersection of a firm’s AML and cybersecurity risks. On this episode, the second in a two-part series, we’re looking at how AML may overlap with a firm’s efforts to protect senior investors from exploitation and fraud. Joining us on this episode are Ja...

Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities.  On this episode, the first of a two-part series, we're looking at the intersection of a firm's AML and cybersecurity risks. Joining us are Jason Foye, a director...

As of June 30, 2020, the U.S. Securities and Exchange Commission’s Regulation Best Interest—or Reg BI—is officially in effect. That means brokerage firms now have to comply with a new standard of conduct when working with retail clients. On this episode we talk to Meredith Cordisco and Jim Wrona of FINRA’s Office of General Counsel about what a post implementation date world looks like for FINRA m...

The world of money laundering is a fast-paced and ever evolving as we learned on the last episode of FINRA Unscripted. That can make it difficult for a financial firm to develop and maintain a robust anti-money laundering program. But maintaining a strong program is essential, making AML a perennial priority for FINRA’s examination staff. A robust AML program will not only safeguard the investing...

When three hapless employees inadvertently embezzle a bunch of cash in the movie “Office Space,” they decide the best way to cover it up is to launder it. But the thing is, they don’t even really know what money laundering is and they learned that even the dictionary couldn’t fill them in. If you want to understand what money laundering is, and more specifically, the efforts brokerage firms must t...

FINRA’s Central Registration and Depository (CRD) system is the central licensing and registration system not just for FINRA, but also for U.S. securities exchanges and all 50 states . But the system is still partying like it’s 1999. Twenty years after the CRD system’s last major update, FINRA is in the middle of a multi-year effort to overhaul the registration and disclosure system that is the ba...

The Annual FINRA Priorities Letter is a great resource for firms looking to improve their compliance, supervisory and risk management programs. But the 2019 Letter is a little different—this year focusing on materially new areas of focus so readers can better identify areas for program improvement. On this episode of FINRA Unscripted, we’re joined by Bari Havlik, FINRA’s executive vice president o...

When it comes to detecting insider trading, it really is like finding a needle in a haystack with more than 15,000 different stocks, options and bonds trading every day across millions of transactions. Yet, Sam Draddy and the Insider Surveillance team in the Office of Fraud Detection and Market Intelligence manage to find those needles. The Insider Surveillance team does it by combining a lot of d...

Looking to break into the financial services industry? It is about to get easier. On October 1, 2018, FINRA will launch a new exam that consolidates the fundamental knowledge shared across several of FINRA’s existing Series exams into a single Securities Industry Essentials (SIE) exam. Additional “top-off” exams, such as the Series 7, will be trimmed down to focus only on the specific knowledge ne...