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Anti-Money Laundering Rules Affecting Futures Commission Merchants
| FIA/SIFMA File Joint Comment Letter on Fincen SAR ProposalsFIA and SIFMA filed a joint comment letter on rules proposed by the Treasury Department's Financial Crimes Enforcement Network regarding Suspicious Activity Reports. In the June 8 2009 joint letter, FIA and Sifma stressed the importance of firms being able to share these reports with all affiliates within the organiz ation regardless of whether foreign or domestic. In addition, FIA and SIFMA stressed the importance of permitting each organization to make its own assessment of how to maintain confidentiality among affiliates receiving those SARs rather than imposing an obligation to establish confidentiality agreements between affiliates.  Click here for full .pdf version
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| FIA Suggests Changes to Anti-Money Laundering Reporting Form The Futures Industry Association submitted a letter to the Financial Crimes Enforcement Network on Feb. 3, 2009 suggesting several changes to the form used by securities and futures firms to report suspicious activity. Among other things, the FIA said the form should be revised so that there is more space for information and recommended several specific changes to accommodate the international scope of the futures industry. FinCEN is the anti-money laundering arm of the U.S. Treasury Department. Click here to download the PDF Version |
| Anti-Money Laundering: FIA Receives Guidance on Application of Customer Identification Rules to Give-Up ArrangementsIn response to a request from the FIA, the Commodity Futures Trading Commission and the Financial Crimes Enforcement Network, the anti-money laundering arm of the U.S. Treasury Department, on April 19 issued guidance clarifying the application of customer identification requirements to give-up arrangements. The guidance confirmed that CIP requirements apply only to the clearing broker in a give-up transaction, not to the executing broker. The guidance was developed through extensive consultation with representatives of the futures industry. The FIA thanks the members of the FIA Law & Compliance division for their years of work on this initiative. View the CFTC press release View the FIA letter to the CFTC |
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| Anti-Money Laundering: FIA Seeks Clarification on SAR RulesThe FIA has asked the Treasury Department to clarify a proposed rule that will require futures commission merchants and introducing brokers to alert the government whenever they detect suspicious activity by their customers. In a comment letter filed on July 7, the FIA expressed support for the rule and asked Treasury to clarify it will apply in certain situations, such as with FCMs that are also registered as broker-dealers with securities regulators. The letter also suggested that executing and clearing brokers with the same customer should be required to file only one suspicious activity report, and urged Treasury to allow the sharing of information about suspicious activity between U.S. FCMs and foreign brokers and between U.S. FCMs and commodity trading advisors, where both sides share the same customers. |
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