FINRA Unscripted

Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities. 

On this episode, we're looking at the intersection of a firm's AML and cybersecurity risks. Joining us are Jason Foye, a director with FINRA's Anti-Money Laundering Investigative Unit, and Dave Kelley, a director with FINRA's Cybersecurity Specialist Program, both with FINRA’s National Cause and Financial Crimes Detection Program. 

Resources mentioned in this episode:

Episode 60: Introducing Greg Ruppert and the NCFC

Episode 33: Money Laundering in the Securities Industry

Episode 34: AML Priorities and Best Practices 

SWIFT: How Cyber Attackers ‘Cash Out’ Following Large-Scale Heists

FinCEN October 2020 Advisory on Ransomware 

FinCEN July 2020 Advisory on Cybercrime

FinCEN October 2016 Advisory on Cyber Events

FINRA Cybersecurity Resources

Regulatory Notice 20-32 on Fraudulent Options Trading

Regulatory Notice 20-13 on Fraud During the Coronavirus Pandemic

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Native communities face unique challenges and opportunities when it comes to their personal finances. Helping them navigate the sometimes-confusing world of finance is Shawn Spruce, the recipient of the 2021 Ketchum Prize. 

Every year, the FINRA Investor Education Foundation awards the Ketchum Prize, the FINRA Foundation’s highest honor, to recognize outstanding service and research to advance investor protection and financial capability in the United States. 

On this episode, we talk to Shawn Spruce about his advocacy and outreach, the financial challenges facing Native communities, and what leaves him feeling optimistic about the future.

Resources mentioned in this episode:

First Nations Development Institute: Building Native Communities

Ask Dr. Per Cap Blog

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As a Self-Regulatory Organization, FINRA benefits from the expertise and industry knowledge of member firms to react more quickly to emerging challenges and write more effective and efficient regulations. FINRA’s Regional Committees play an important role in this process, supplying FINRA with real-time insights that help us fulfill our mission of investor protection and market integrity. 

On this episode, FINRA’s Deputy Corporate Secretary Jennifer Piorko Mitchell and Regional Committee Member Trinity Lee join the podcast to discuss the benefits of participating on FINRA’s Regional Committees and how you can get involved. 

Resources mentioned in this episode:

FINRA’s Regional Committees

Regional Committee Election Notice

SFAC Election Notice

Indication of Interest in FINRA Service Form

2021 Election Process Overview

2021 Advisory Committee Overview and Engagement Notice

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The Office of Financial Innovation is a conduit and a facilitator of information related to significant innovation in the financial services industry, working to provide expertise and support to groups within FINRA, as well as FINRA member firms. 

As cloud computing transforms how broker-dealers operate, FINRA’s Office of Financial Innovation surveyed nearly 40 broker-dealer firms, cloud service providers, industry analysts and technology consultants to better understand the implications of cloud computing on the securities industry. 

On this episode, FINRA’s Haime Workie and Michael Oh join the podcast to discuss the group’s latest report on cloud computing and to provide an update on other areas of focus. 

Resources mentioned in this episode:

Report - Cloud Computing in the Securities Industry

Investor Alert - Following the Crowd: Investing and Social Media

Topic Page - FinTech

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FINRA’s Market Regulation and Transparency Services department sits at the center of the U.S. securities markets, conducting ongoing oversight within and across markets and providing transparency to help investors make informed decisions. 

On this episode, we meet Stephanie Dumont, the new head of FINRA’s Market Regulation and Transparency Services department. Stephanie shares her priorities, her vision for the department, and how FINRA is responding to recent market events. 

Resources mentioned in this episode:

Market Transparency Reporting Tools

TRACE Treasury Aggregate Statistics

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Intelligence means different things to different people. But for FINRA, at its most basic, it is the actionable information that allows employees, from an organization’s senior executives to its examiners or investigators, to make informed decisions. 

On this episode, we sit down with Blake Snyder, Senior Director of FINRA’s Financial Intelligence Unit, to learn about this new group, and how it is looking to transform how FINRA takes in, analyzes, and shares data.

Resources mentioned in this episode:

Regulatory Notice 21-14: FINRA Alerts Firms to Recent Increase in ACH “Instant Funds” Abuse

Regulatory Notice 20-30: Fraudsters Using Registered Representatives Names to Establish Imposter Websites

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Diversity has been a focus for FINRA’s Board of Governors for several years—and while the current Board makeup leaves a lot to be proud of, the important work of diversity remains a perpetual work in progress.

On this episode, we sit down with Marcia Asquith, Executive Vice President of Board & External Relations, and Jennifer Piorko Mitchell, Vice President of Corporate Governance and Deputy Corporate Secretary, to explore how FINRA has prioritized diversity in the boardroom. 

Resources mentioned in this episode:

Episode 25: Behind the Scenes: FINRA's Board of Governors

FINRA Governance

2021 Election Process Overview

FINRA Indication of Interest in Service Form

FINRA’s Racial Justice Task Force

Statement of the FINRA Board of Governors

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The 2021 FINRA Annual Conference was like no other with the event held entirely online. Nonetheless, like in any other year, the event provided the opportunity for practitioners, peers and regulators to connect and exchange ideas. 

On this episode, we’re taking you behind the scenes of this year’s event to listen in on the fireside chat between FINRA CEO Robert Cook and FINRA Board Chair Eileen Murray as they talk about everything from return to work and the future of the workforce to the work of FINRA Board of Governor and diversity, equity and inclusion. 

Resources mentioned in this episode:

Episode 12: How the Cloud has Revolutionized FINRA Technology

Episode 68: Augmenting the Exam and Risk Monitoring Program with Data Analytics and Technology

2021 Virtual Technology Conference

2022 FINRA Annual Conference 

McKinsey Study: Jobs Lost, Jobs Gained

Statement of the FINRA Board of Governors: June 11, 2020

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The pandemic forced the world to re-evaluate how it works in a number of ways—and FINRA’s Arbitration & Mediation Forum is no exception. To keep processes moving, FINRA Dispute Resolution Services allowed hearings to proceed virtually. Now, a year later, we are looking at lessons learned, tips for practicing in a remote environment and plans for the future of arbitration and mediation. 

On this episode, we are joined by Richard Berry, Executive Vice President of FINRA’s Dispute Resolution Services, and two practitioners, Sam Edwards, a partner with the securities litigation and arbitration law firm Shepherd, Smith, Edwards and Kantas, and Beverly Jo Slaughter, senior managing counsel with Wells Fargo’s Wealth Investment Management Litigation group. 

Resources mentioned in this episode:

Episode 10: What Is FINRA’s Dispute Resolution Forum

Coronavirus Impact on Arbitration & Mediation Hearings

Neutral Workshop: Tips for Virtual Hearings

Arbitrator Resource Guide for Virtual Hearings

Arbitrator Training Videos for Virtual Hearings

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