Our online courses help FCM, IB and BD trainees fulfill requirements of the USA PATRIOT Act and RMLO trainees fulfill requirements under the Bank Secrecy Act. Training for RIAs is considered a best practice.
CFTC/NFA and SEC/FINRA AML Training Requirement Background
The USA PATRIOT Act of 2001, section 352, has required NFA-member and FINRA-registered firms to have anti-money laundering (AML) compliance programs in place since April of 2002. Institutions must provide ongoing AML education and training for all appropriate personnel. We recommend that any employee involved in the flow of funds or account documentation take an AML training program annually. NFA-regulated firms must have their associates complete training on a 12-month cycle.
Bank Secrecy Act Training Requirement Background
The Department of the Treasury’s Bank Secrecy Act has required non-bank residential mortgage lenders and originators to have AML programs in place since August of 2012. Requirements for RMLOs are substantially similar to the requirements for NFA and FINRA members, including the establishment of ongoing training with content tailored to the needs of the industry.
Appropriate employees of these entities are required to take AML training:
- NFA-member Futures Commission Merchants (FCMs) and Independent and Guaranteed Introducing Brokers (IBs)
- FINRA-registered Broker Dealers (BDs); training considered a best practice for Registered Investment Advisors (RIAs)
- Non-Bank Residential Mortgage Lenders and Originators (RMLOs)