Specialized, thorough, and collaborative independent testing solutions for securities broker/dealers since 2012.
Request a ConsultationSince 2007, SIRS has been a trusted partner for securities broker/dealers seeking to navigate the complexities of regulatory compliance. We specialize in conducting comprehensive, independent testing of broker/dealer BSA AML/CFT programs required under FINRA regulations.
FINRA Rule 3310(c) requires each broker/dealer to "Provide for annual (on a calendar-year basis) independent testing" of the B/D's BSA AML/CFT program. (In certain situations, the testing may be conducted every two years.) The testing is performed to ensure the BSA AML/CFT Program meets relevant regulatory standards found in the Bank Secrecy Act and FINRA Rule 3310.
Our independent testing process is designed to be collaborative and thorough. We begin by reviewing your written policies and procedures, then we examine your records to verify that your program is being implemented effectively. Most importantly, we will work with you to resolve any identified gaps before the test is finalized.
Following the test, you will receive a detailed report with our findings and actionable recommendations to strengthen your program.
Our broker/dealer BSA AML/CFT independent testing services are typically priced at $4,500.
As a first step, we will provide a service agreement and a list of BSA AML/CFT program records. You will use the list to collect and organize your records. Once your records are ready, you may sign the service agreement to initiate the testing service.
We're here to discuss your situation and answer your questions.
Contact SIRS TodayFINRA Rule 3310(c) requires member broker/dealers to conduct independent testing on an annual (calendar-year) basis. However, firms that do not execute transactions with customers or hold customer accounts, or that act solely as a clearing broker, may conduct testing every two years subject to specific regulatory provisions.
Our audit includes a detailed examination of your firm's written BSA AML/CFT procedures, Customer Identification Program (CIP/CDD), Beneficial Ownership compliance, Suspicious Activity Report (SAR) filing logs, Currency Transaction Reporting (CTR), OFAC screening processes, AML Compliance Officer oversight, and staff training records. We deliver a detailed written report containing formal findings and corrective action recommendations.
Initiating a test is streamlined. First, contact us via the consultation form below. We will provide a service agreement along with a tailored record request list. Your firm uses the list to organize regulatory records, and once uploaded, SIRS executes the testing review and prepares your audit report.