TITLE

MSRB Files Anti-Money-Laundering Rule

AUTHOR(S)
Hume, Lynn
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/23/2003, Vol. 344 Issue 31642, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The Municipal Securities Rulemaking Board (MSRB) filed a new Rule G-41 with the U.S. Securities and Exchange Commission (SEC) to ensure broker-dealers that only deal in municipal securities establish and implement compliance programs to prevent money laundering. The compliance programs were required by the USA Patriot Act that was enacted after the Sept. 11, 2001, terrorist attacks in Washington D.C. and New York City. Most broker-dealers already established such programs under rules that were adopted by the National Association of Securities Dealers and New York Stock Exchange. The MSRB proposed its new Rule G-41 at the request of the commission after SEC officials realized that the National Association of Securities Dealers and New York Stock Exchange rules would not cover dealers whose sole business was municipal securities.
ACCESSION #
9944924

 

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