FIRE Solutions Expands Its Anti-Money Laundering Course Suite to Include Know Your Customer and Suspicious Activities

Under the new anti-terrorism law, employee education is essential in teaching employees to recognize the need to maintain confidentiality with respect to filing suspicious activity reports. "FIRE recognizes that broker/dealers need more in-depth information than a general Anti-Money Laundering continuing education course. Know Your Customer and Suspicious Activities address specific aspects of preventing money laundering in more detail than the general AML course," stated Bill Tanem, FIRE's leading compliance official.

FIRE's Anti-Money Laundering course defines the "know your customer" requirements under NASD, NYSE rules, and the latest interpretations of the USA PATRIOT Act, which requires firms to verify that customers are not using illicit funds to invest in the securities markets.

FIRE's Know Your Customer CE course emphasized the importance of the simple procedure of verifying customers' identities when accepting instructions and providing account information about a customer's brokerage account. Knowing your customer includes determining suitability as well as determining your customer's intentions. Representatives must understand their customers' financial means and ability to tolerate risk in addition to verifying their customer's identity.

FIRE's Suspicious Activities CE course teaches broker/dealers and other financial institutions that negotiating monetary transactions for customers must be attentive to any signs that a customer could be involved in illicit activities. With the recent passage of the USA PATRIOT Act, the NASD has updated its requirements for reporting suspicious activities that could be tied to money laundering. Broker/dealers now have a specific obligation to identify any money that could possibly be used by suspected terrorists or criminal organizations.

About FIRE Solutions:
FIRE Solutions, Inc. is the leader in eLearning and eCompliance solutions for the financial services and insurance industries. FIRE delivers Web-enabled solutions, including Securities Exam Prep, Firm Element Continuing Education, Proprietary Training, Continuing Education Needs Analysis, and online Annual Compliance Meetings. FIRE is the first company to offer Webcast compliance services. With over 20 years of securities exam training experience and state-of-the-art Internet compliance solutions, FIRE delivers unmatched learning solutions through its engaging, interactive, Web-based courses and services. To learn how FIRE streamlines compliance processes, visit www.FIRESolutions.com, or call (415) 247-1830.



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