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Brokers, Advisers Fall Short in Protecting Clients from Identity Theft, InvestmentNews

Tuesday, December 6, 2022

Partner Ignacio Sandoval was quoted in an InvestmentNews article about an examination sweep done by the US Securities and Exchange Commission (SEC), finding that some brokerages and advisory firms have not met the requirements of the Regulation S-ID: Identity Theft Red Flags Rule—which calls on brokerages and advisory firms to put identity theft protection programs in place.

Ignacio noted the agency wants to see compliance with the rule and that firms are adapting policies and procedures following mergers or consolidations.

“The threats are dynamic,” Ignacio said.

“They change over time. Firms need to be cognizant of these changes. You need to go back and rework your policies and procedures, retrain folks and reconsider what your program looks like.”

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