Anti-Money Laundering Reliance Agreement

Summary

This template of Anti-Money Laundering Reliance Agreement is between an introducing broker-dealer and a financial institution acting as a clearing broker-dealer. Under the terms of the agreement, the financial institution agrees to conduct anti-money laundering (AML) due diligence on the introducing broker-dealer's client in order to satisfy AML compliance requirements. This template includes practical guidance and drafting notes. AML compliance requirements are set forth in The Bank Secrecy Act of 1970, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, and other related federal laws and regulations, including FINRA Rule 3310. For more information on establishing an AML compliance program, see Broker-Dealer Anti-Money Laundering Compliance Programs: Implementing an Effective Program, and Anti-Money Laundering Considerations for Private Equity. For more content on FINRA generally, see FINRA Resource Kit.