FINRA’s recent AML focus and settlements with firms for AML related deficiencies has, in at least one case, led to extra client screening via Google searches. UBS took the unusual step of requiring sales assistants of U.S. brokers to conduct Google searches for red flags as part of setting up new customer accounts. While the directive has since been dropped, Founder and President Amy Lynch believes it shows the extent firms are going to avoid future regulatory scrutiny of their AML program by conducting more extensive due diligence of their clients. See AdvisorHub, “UBS Tells Broker Sales Assistants to Double Down on Vetting New Accounts”
