Finra
A broker-dealer's AML program must include all of the following EXCEPT:
An AML program must include written policies/procedures, a designated compliance officer, ongoing training, and independent testing. There is no requirement for monthly reports to FinCEN, though Suspicious Activity Repor
Complete Analysis & Legal Rationale
An AML program must include written policies/procedures, a designated compliance officer, ongoing training, and independent testing. There is no requirement for monthly reports to FinCEN, though Suspicious Activity Reports (SARs) must be filed when suspicious activity is detected.
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:
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.
Matches the verified teaching point 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.