What steps is the industry taking itself, independent of the federal regulators, Congress, and the administration, to end money laundering?
Since public trust and confidence in the industry and marketplace is the industry’s most important asset, the industry is fully committed to completely eliminating any possible money laundering from the securities industry. Many of the existing practices presently employed within the industry (such as not accepting cash) demonstrate the industry’s commitment. Furthermore, the securities industry has an excellent record of cooperation with the authorities against money laundering. In addition to strict compliance with all applicable laws, the industry has also taken extra steps to combat money laundering.
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