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SEC Extends AML Relief for B-Ds, As Momentum Builds for Adviser Rule, Compliance Reporter

January 14, 2019

Morgan Lewis partner Ignacio Sandoval spoke with Compliance Reporter about the Securities and Exchange Commission’s recently renewed no-action relief that permits broker-dealers to rely on investment advisers to fulfill customer identification program requirements. Ignacio says in the article that a new rule, which was enacted in May and places the burden on brokers to look through legal entities who are clients for beneficial ownership disclosures, may create a new wave of enforcement.

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