Independent Anti-Money Laundering Testing

Regardless of a firm’s size or business model, Anti-Money Laundering testing is unavoidable. And for smaller firms, the challenge of meeting the “independent” standard can be insurmountable. Encore Group will perform AML testing required under FINRA Rule 3310 and provide the documentation you need to fulfill all the audit requirements as well as recommendations for improvements.

 

Outsourced Financial and Operations Principal (FinOp)

For a number of reasons, a firm may experience a FinOp gap. Small and mid-size firms, often times, cannot justify this full-time position and may not have internal personnel who are properly licensed and qualified.  Sometimes, an unanticipated staff departure creates a void that must be filled quickly. Encore Group can provide short-term or long-term FinOp support by an industry veteran.

 

Supervisory System Testing

Under FINRA Rule 3120, broker dealers must test their supervisory procedures regularly and demonstrate a disciplined approach to managing risk. One of the best methods for accomplishing these two very important goals is to enlist objective, independent resources to evaluate your supervisory system and conduct a risk assessment.

Encore Group provides you with an expert compliance overview, specifically:

  • Impartial testing and mock audits to determine where your firm may be at risk
  • Comprehensive approach to isolate risk management issues and internal control deficiencies
  • Prompt assessment of potential regulatory issues
  • Practical recommendations and solutions tailored to your business

 

FINRA Membership Applications

Encore Group provides expert compliance resources to efficiently navigate the new firm application process as well as continuing membership applications. By managing the application project with key contributors from the business, Encore can assist in any and all areas of the membership application process, specifically:

  • Creating a customized project plan to coordinate the application
  • Filing Form BD and Form BR with applicable schedules
  • Registration of licensed personnel through FINRA WebCRD
  • Drafting and implementation of Written Supervisory Procedures, Anti Money Laundering Procedures, Firm Element Needs Analysis and Training as well as many other required compliance records
  • Filing Form NMA or CMA and assisting with Business Plan development
  • Coaching for successful interviews with regulators

 

Regulatory Initiatives

As new rules and requirements are introduced, it is critical for broker dealers to stay ahead of each initiative and understand the impact to the firm’s business. A thorough gap analysis, along with a prioritized response are necessary to contend with heightened regulatory scrutiny. Additional resources can be enlisted to address a discrete, single-need response. 

Encore Group provides you with expert compliance experience to efficiently assist in all areas of regulatory analysis, specifically:

  • Performing a gap analysis of the existing business framework and expanded regulatory requirements
  • Identifying clear priorities to address new regulations
  •  Assisting in the development and implementation of new policies
  •  Creating practical procedures that accurately reflect business needs
  •  Coaching to develop staff proficiencies with new requirements