OCIE head highlights key compliance considerations, potential internal controls enhancements

By Amy Leisinger, J.D. In recent remarks, the SEC’s Office of Compliance Inspections and Examinations Director Peter Driscoll urged chief compliance officers and firms on the whole to remain vigilant in their efforts to protect investors. According to the director, to effectively protect retail investors, these individuals and entities should consider the effectiveness of their anti-money laundering programs and efforts to keep pace with technological changes and attendant cybersecurity concerns. He also identified issues surrounding microcap securities and safeguarding of client assets as potential compliance concerns that could also directly affect investors. AML. Certain financial institutions are required to maintain AML programs and report suspicious activity to the Financial Crimes Enforcement Network, which helps authorities to pursue misconduct that could threaten investors and market integrity, Driscoll noted. Broker-dealers and mutual funds should take care to…

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