Transparency! The New Anti-Money Laundering Act (AMLA)
Money laundering is the process of making illegally-gained proceeds (i.e., “dirty money”) appear legal (i.e., “clean”). Typically, it involves three steps: placement, layering, and integration.
Congress Approves Anti-Money-Laundering (AML) Measure
Background
Money laundering issues have haunted many over the years. To promote greater transparency, the U.S. Senate has approved legislation requiring companies in the U.S.
SEC Punishes Broker-Dealer for Conducting Business over Text Messages or on Personal Devices
The Securities and Exchange Commission (“SEC”) entered an “Order” on September 23, 2020, against JonesTrading Institutional Services LLC (“firm”), a broker-dealer located in California, for failing to retain text messages relating to the firm’s business. The SEC fined JonesTrading $100,000. Read more!
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