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FINRA Unscripted
FINRA
FINRA Unscripted is the voice of the nation’s largest non-government securities regulator. We bring together FINRA leaders to discuss existing and emerging regulatory topics that impact the broker-dealer industry. We share best practices for compliance officers, insights into the operations of a 3,500 person self-regulated organization and educational tools and information for investors. Every investor in America relies on one thing: fair financial markets. That is what FINRA works every day to ensure.
- 30 minutes 16 secondsSpecial Investigations Unit: Combating Money Laundering and Fraud in the Securities Industry
In the securities world today, there is little daylight between money laundering and fraud. As these two spaces have come to increasingly overlap, FINRA created the Special Investigations Unit, or SIU, to detect and investigate cases illicit finance, market abuse and other fraud.
On this episode, we sit down with SIU Senior Director Gargi Sharma, and three investigative directors from her team: Kayla Le, Peter Gonzalez and David Byrne. They join us to share how they work to proactively identify and mitigate threats related to money laundering and other frauds.
Resources mentioned in this episode:
Reg Notice 21-14: FINRA Alerts Firms to Increase in ACH Instant Funds Abuse
Reg Notice 22-25: Heightened Threat of Fraud
Reg Notice 23-06: Effective Practices to Address Risks of Fraudulent Transfers
2023 Report on FINRA’s Examination and Risk Monitoring Program
2024 FINRA Annual Regulatory Oversight Report
Investor Insight: Ramp-and-Dump Scams
Investor Insight: Investment Group Imposter Scams
Episode 33: AML in the Securities Industry
Episode 129: Detecting and Preventing ACATS Fraud
Episode 154: FINRA’s High-Risk Representative Program
Episode 157: An Update on FINRA’s Financial Intelligence Unit
Episode 161: FINRA CEO Robert Cook on Disrupting the Cycle of Financial Fraud
12 November 2024, 11:30 am - 34 minutes 14 secondsThe Forgotten Generation: Shining a Spotlight on Gen X’s Financial Health
Gen X is often called the Forgotten Generation given how often they’re overlooked in favor of conversation around boomers, millennials or now even Gen Z. But not today.
On this episode, Gen X is the one in the spotlight as we sit down Gary Mottola, research director with the FINRA Foundation, Ritta McLaughlin, director of community outreach with FINRA’s Investor Education team, and Jeremy Ko, the 2024 FINRA Foundation Ketchum Visiting Scholar, to dig into the financial health of those born between 1965 and 1980 and, importantly, their perception of their own financial well-being.
Resources mentioned in this episode:
How Gen X Compares Financially to Other Generations: Doing Alright but Feeling Bad
FINRA Foundation National Financial Capability Study
Episode 19: Debunked: 7 Myths about Millennials—the Underinvested Generation
Episode 22: Millennials and Money: How to Get Started on the Road to Investing
Episode 134: Gen Z Investors: A Look at the Attitudes and Behaviors of the Youngest Investors
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29 October 2024, 10:30 am - 34 minutes 50 secondsThe Latest Research: Why Do Targets Engage with Scams?
Why do we engage with scammers? What makes one person more likely to engage than the next? Of those that engage, what makes someone more likely to lose money? These are important questions to ask – and find the answers to – both as consumers and as an industry with an interest in disrupting the cycle of financial fraud.
On this episode, we hear from moderator Emma Fletcher, a senior data researcher with the FTC, and panelists Marti DeLiema, Assistant Research Professor at the University of Minnesota, Twin Cities, Duygu Başaran Şahin, a postdoctoral research fellow at the RAND Center for the Study of Aging, and Gary Mottola, research director for the FINRA Foundation, about the latest research into these important questions and learn more about what might stop someone from engaging with a fraud to begin with.
Resources mentioned in this episode:
Exposed to Scams: What Separates Victims from Non-Victims
Does One Size Fit All? An Examination of Risk Factors by Scam Type
Fraud Victimization Across the Lifespan: Evidence on Repeat Victimization Using Perpetrator Data
Addressing the Problem of Chronic Fraud Victimization
Vulnerability of Older Adults to Government Impersonation Scams
A Review of Scam Prevention Messaging Research
Protecting Retail Customers from Gift Card Payment Scams
15 October 2024, 10:30 am - 27 minutesThe Victim Experience: When Romance Leads to a Crypto Scam
The number of highly sophisticated crypto scams is growing, with Americans losing an estimated $5.6 billion to crypto-related scams in 2023, according to the FBI, a 45 percent jump from the prior year. And often crypto fraud is tied in with romance scams, with criminals targeting victims through texts, dating sites, social media, networking channels or other apps. While we all like to think we would be immune to such scams, research has shown time and again that everyone is vulnerable, even the most highly educated among us.
On this episode, we hear the firsthand accounts of Jules and Brian, two victims of romance crypto scams, who recently spoke at a FINRA Foundation conference on disrupting the cycle of financial fraud. They sat down with Kim Casci-Palangio, program manager of the Cybercrime Support Network (CSN), to share their experiences, the financial, mental and emotional toll they took, and their efforts to recover from their loss. This audio was edited to remove personally identifying information about our victims.
Resources mentioned in this episode:
FBI Internet Crime Complaint Center (IC3)
Non-Traditional Costs of Financial Fraud
Investor Alert: Relationship Investment Scams
‘Pig Butchering’ Scams: What They Are and How to Avoid Them
1 October 2024, 10:30 am - 19 minutes 31 secondsDisrupting the Cycle of Financial Fraud Through Collaboration and Innovation
Last week, FINRA CEO Robert Cook spoke to an audience of regulators, academics, law enforcement agencies, advocacy groups and financial firms at a conference hosted by the FINRA Foundation to underscore the importance of working together to disrupt the cycle of fraud.
He highlighted specific areas for further coordination and announced that FINRA will reach out operators of existing regulatory databases to explore ways to create a one-stop shop resource for investor research. On this episode, we tune in to his remarks.
Resources mentioned in this episode:
Full Text of Speech As Prepared for Delivery
17 September 2024, 2:15 pm - 35 minutes 31 secondsFINRA’s Examination Program: Optimizing for the Future
FINRA’s Examinations team carries out one of FINRA’s core functions in the examination of FINRA member firms. In an effort to continuously improve the program, the team has undertaken changes to create efficiencies before, during and after the exam process.
On this episode, Michael Solomon, executive vice president of Examinations and the Membership Application Program, Tom Mellett and John Martino, both vice president of Firm Group Examinations, join us to detail some of the recent changes, including the introduction of thematic reviews, changes to the post-exam closeout process and more.
Resources mentioned in this episode:
Episode 132: The Ins and Outs of FINRA’s Annual Program
3 September 2024, 10:30 am - 22 minutes 35 secondsFINRA’s Membership Application Program: Safeguarding the Integrity of the Markets
FINRA’s Membership Application Program (MAP) team serves as the first point of contact for firms looking to enter the broker-dealer industry. It works both to protect investors by ensuring would-be member firms meet FINRA standards of admission, and to help new and existing firms grow and evolve, ensuring a vibrant market for all.
On this episode, Cindy Foster, Vice President of MAP, joins us to share more about FINRA standards of admission and how the group works to ensure a smooth process for both current and prospective member firms.
Resources mentioned in this episode:
Episode 117: Reviewing and Approving Digital Asset Firms
Checklist for Mandatory Materiality Consultation
Residential Supervisory Locations (RSL) FAQs
Phone: 212-858-4000, option five
Email: [email protected]
6 August 2024, 10:30 am - 20 minutes 11 secondsAn Update on FINRA’s Crypto Asset Work and the Crypto Hub
Last summer, we introduced listeners to FINRA’ Crypto Hub and enterprise-wide strategy for keeping up with the evolving crypto asset regulatory landscape. A year later, this remains an important area of focus for investors, the industry and FINRA.
On this episode, Jamie Udinson, senior director of the Cyber and Analytics Unit, Michael Yuan, a director with FINRA’s Risk Monitoring program, and Jason Stralka, an examination manager with the Exam program, join us to provide an update on FINRA’s crypto asset work, to dig into the results of a recent survey of member firms regarding their crypto-asset touchpoints, to tell us about the new spot Bitcoin ETP market and more.
Resources mentioned in this episode:
2024 Regulatory Oversight Report: Crypt Asset Developments
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
Episode 137: The Crucial Role of FINRA’s CAI Team
Episode 138: FINRA’s Blockchain Lab
23 July 2024, 12:30 pm - 23 minutes 40 secondsFinancial Intelligence Unit: Connecting the Industry with Actionable Information
FINRA's Financial Intelligence Unit acts as a nerve center for information on emerging threats impacting the financial industry with the aim of providing actionable intelligence to firms, other regulators and law-enforcement to keep investors safe.
On this episode, Blake Snyder, senior director of FIU, joins us to share how the group has grown and matured over the last few years and how they are evolving the way they share information, including through the introduction of the new Threat Intelligence Products, or TIPs.
Resources mentioned in this episode:
Episode 33: AML in the Securities Industry
TIP: Protecting Vulnerable Adult and Senior Investors
Investor Insight: Pig Butchering Scams
Investor Insight: Ramp-and-Dump Scams
9 July 2024, 10:30 am - 22 minutes 19 secondsFinfluencers: New Marketing Strategies Meet Existing Compliance Obligations
Financial social media influencers—or finfluencers—are growing in popularity as a cheap way to reach a new generation of investors. But using these individuals to promote a firm its products or services comes with risks, as revealed by the results of a recent targeted review of FINRA member firm practices in the space.
On this episode, Ira Gluck, senior director of Advertising Regulation, and Melissa Turitz, a director with FINRA Enforcement, dig into the results of the finfluencer target review, the risks and regulatory requirements around this newer form of advertising and share some best practices for firms looking to make use of social media influencer programs.
Resources mentioned in this episode:
Reg Notice 17-18: Guidance on Social Media and Business Communications
February 2023 Finfluencer Sweep Update
Rule 2210 – Communications with the Public
Press release – March Finfluencer Enforcement Action
April Finfluencer Letter of Acceptance, Waiver and Consent (AWC)
Gen Z and Investing: Social Media, Crypto, FOMO and Family (Research Report)
Episode 134: A Look at the Attitudes and Behaviors of the Youngest Investors
25 June 2024, 10:30 am - 28 minutesAmendments to FINRA Rule 4210: Covered Agency Transactions
In late May, certain amendments to FINRA's margin rule, Rule 4210, went into effect to address a significant source of potential systemic risk and risk to FINRA member firms. The amendments introduced specific margin requirements related to covered agency transactions.
On this episode, we talk to David Aman, senior advisor, and James Barry, director of Credit Regulation, both with FINRA's Office of Financial and Operational Risk Policy, and with Michael MacPherson, a senior advisor with Member Supervision’s Risk Monitoring team, to learn more about the purpose of the rule, which firms might be impacted by the change and what those firms need to think about to ensure compliance with the amended rule.
Resources mentioned in this episode:
Contact: [email protected]
FAQs Regarding Covered Agency Transaction Margin under FINRA Rule 4210
Reg Notice 23-14: Amendments to Covered Agency Transaction Requirements Under FINRA Rule 4210
11 June 2024, 10:30 am - More Episodes? Get the App
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