New Money Laundering Regs.(issued by the New York Stock Exchange and the National Association of Securities Dealers)(Brief Article)

Traders, April, 2002 by Bresiger, Gregory

Securities firms should be given some lee- way in improving standards for detecting money laundering, according to one industry group.

While the Securities Industry Association generally lauds the tougher new anti-money laundering standards issued by the New York Stock Exchange and the National Association of Securities Dealers, the SIA is asking the regulators to slow down the implementation of some of them.

The regulations are based on the Patriot Act, which was passed by Congress earlier this year.

Not Prepared

The NASD's and NYSE's regulations require that firms establish and implement the new rules by April 24, which may be sooner that some firms are ready, SIA said in a letter to the SEC.

"While Section 352 of the...

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