Notes

Anti Money Laundering and Financial Crimes Services
The anti money laundering services and the AML consultant work hand in hand. Broker dealers, independent traders, banks and other financial institutions have to hire AML consultants or AML compliance consultants to ensure that their business and personal transactions are carried out in a professional and appropriate manner. AML compliance consultants help a broker dealer in implementing AML policies in a manner that is consistent with their rules of conduct and with the local and national laws. They provide an effective way to ensure that all clients and all business relationships are conducted with due diligence and with honesty. Their role in AML compliance and anti money laundering practices is key to building strong reputations in the financial services industry.

A good AML consultant can be a tremendous asset to any AML consultant firm. In fact, if you were to go into a first year law enforcement training program at a major university, there would probably be very few students who did not already know everything that the student required to pass the course. This same thing happens in the financial service industry; just about every AML consultant you meet will have had experience working with AML dealer brokers who have committed crimes. The industry is full of people who understand how important it is to keep track of criminals, and the dealers that work directly with these criminals need to understand how to avoid committing those crimes.

AML compliance consultants work closely with AML brokers. Broker dealers and their AML compliance consultants share a fundamental responsibility to make sure that the financial environment in which they operate is free of crime. While every AML consultant has their own area of specialization, they all have a responsibility to make sure that all parties involved in all areas of the business are treated with fairness. This is not always an easy task. But the brokers and their AML compliance consultants need to do it because it is the best way for the industry as a whole to keep crime out of business, and the brokers have a specific incentive to do this, since it means more commissions for them.

The way that broker dealers operate is unique compared to most other types of businesses and industries. Broker dealers deal directly with AML dealers, and are often times called upon by AML brokers to provide them with advice on whether or not to hire a particular AML broker. RIA compliance consultant, broker dealer services, AML attorney, anti money laundering lawyer, financial crime consultant have developed a reputation for being less than scrupulous, and AML compliance consultants know that their job is to help brokers in spite of any evidence that they might be breaking the law. Many AML compliance consultants are willing to provide their services to AML broker dealers because it means more commissions for them.

AML compliance consultants also work with individual AML brokers. If a compliance consultant suspects that an AML dealer is flouting the law, they can bring that information directly to the attention of the broker. Many AML brokers do not want to deal with AML compliance consultants because they do not want to have to pay the costs of a compliance consultant, and do not want to be put in a situation where they have to shut down their business. Many AML dealers also choose to ignore AML compliance consultants, and are not likely to change their ways. But an AML compliance consultant can bring these facts directly to the attention of an AML dealer in order to get them to change their ways, and make good on the obligations that they signed up to when they became brokers.

One final example of how AML can effect the industry occurs when a broker dealer participates in an AML swap. In short for our purposes, a swap is a transaction in which an AML dealer receives one side of a trade from a customer, while receiving an opposite side in return. In this instance, the dealer makes money off of the exchange (the flip), but not necessarily from the sale (the counter). The major difference between this example and most other types of dealerships is that a broker dealer pays for both sides of an exchange to be traded, meaning that they are in business to make money, not lose money, in any case. So it only makes sense that AML compliance dealers choose to participate in swaps, if only to offset the costs of AML certification.
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