Cordium Launches AML Review for Broker-Dealers

Consultancy and software provider Cordium has launched an anti-money laundering (AML) review and reporting service for broker-dealers, which tests a firm’s AML policies and procedures.

All financial institutions are required to establish AML programs, and for registered Broker-Dealers specifically, it is an obligation to engage an independent third party to review these AML policies and procedures, says Cordium.

With this service, Cordium will verify the validity of a broker-dealer’s ability to detect and prevent money laundering and also to verify the firm’s ability to detect funding of suspected terrorist or criminal activity. Cordium will also provide a report that outlines findings of the review and provides recommendations in creating up-to-date policies and procedures for the broker-dealer.

“With our new AML review service, we are taking away the burden of a time-intensive project from broker-dealers and other financial institutions by being the third party experts that will take care of it all for you,” says John Donegan, vice president of broker-dealer and AML consulting at Cordium. “The level of regulatory monitoring is increasing rapidly, which is why independent testing and reporting for Broker-Dealers is now a necessity.”