In the securities world today, there is little daylight between money laundering and fraud. As these two spaces have come to increasingly overlap, FINRA created the Special Investigations Unit, or SIU, to detect and investigate cases illicit finance, market abuse and other fraud.
On this episode, we sit down with SIU Senior Director Gargi Sharma, and three investigative directors from her team: Kayla Le, Peter Gonzalez and David Byrne. They join us to share how they work to proactively identify and mitigate threats related to money laundering and other frauds.
Resources mentioned in this episode:
Reg Notice 21-14: FINRA Alerts Firms to Increase in ACH Instant Funds Abuse
Reg Notice 22-25: Heightened Threat of Fraud
Reg Notice 23-06: Effective Practices to Address Risks of Fraudulent Transfers
2023 Report on FINRA’s Examination and Risk Monitoring Program
2024 FINRA Annual Regulatory Oversight Report
Investor Insight: Ramp-and-Dump Scams
Investor Insight: Investment Group Imposter Scams
Episode 33: AML in the Securities Industry
Episode 129: Detecting and Preventing ACATS Fraud
Episode 154: FINRA’s High-Risk Representative Program
Episode 157: An Update on FINRA’s Financial Intelligence Unit
Episode 161: FINRA CEO Robert Cook on Disrupting the Cycle of Financial Fraud
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