Finra
Which of the following is a required component of a broker-dealer's Anti-Money Laundering (AML) program?
Under the Bank Secrecy Act and USA PATRIOT Act, every broker-dealer must have an AML program that includes: (1) internal policies and procedures, (2) designation of a compliance officer, (3) ongoing employee training, an
Complete Analysis & Legal Rationale
Under the Bank Secrecy Act and USA PATRIOT Act, every broker-dealer must have an AML program that includes: (1) internal policies and procedures, (2) designation of a compliance officer, (3) ongoing employee training, and (4) independent testing of the program. The program does not need to be filed with FINRA.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Matches the verified teaching point in the explanation.
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Does not match the governing concept in the explanation.
Official Standard: Requires AML programs consistent with Bank Secrecy Act obligations (verify current text).
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA materials.