Securities and commodity broker-dealers need to share more information with their peers about potential illicit activities, a top federal financial enforcement official said.
Broker-dealers and other securities market participants shouldn’t let concerns about client loss stop them from participating in a federal government program allowing them to share information about potential suspicious transactions, Financial Crimes Enforcement Network Deputy Director Jamal El-Hindi said Thursday.
El-Hindi said 40% of federally insured banks participate in FinCEN’s 314(b) information sharing program, a voluntary program under which companies can share potential money laundering or terrorist financing concerns. Only 14% of companies in the securities industry ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.