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FINRA 2021 Examination and Risk Monitoring Report

The 2021 Report on FINRA’s Examination and Risk Monitoring Program highlights AML as one of the organization’s areas of focus. FINRA listed nine common AML-related exam findings, such as inadequate AML transaction monitoring, unclear delegation of AML responsibilities, and insufficient independent testing.

FINRA also highlighted nine effective practices it observed in areas such as firms’ customer identification programs, how firms monitor for fraud during account opening, and risk assessments. Looking ahead, FINRA urged firms to assess changes needed because of the Anti-Money Laundering Act of 2020, and to monitor for emerging AML risks such as microcap and other fraud, issuers based in restricted markets, and risks relating to SPACs. You can access the AML-specific section of the 2021 Report here.


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