Magazine article American Banker

Compliance Issues Dominate Meeting of BSA in Arizona

Magazine article American Banker

Compliance Issues Dominate Meeting of BSA in Arizona

Article excerpt

Attendees at the annual Bank Securities Association convention here last week got more than grand views of Arizona's saguaro cacti for their bucks. They were also treated to a healthy dose of compliance medicine.

Staying on top of regulations was the main topic of the trade group's eighth annual convention. The event drew 375 participants, plus 90

exhibitors, representing a mix of banks, brokerage firms, and investment products distributors and manufacturers.

Setting the tone for the three-day meeting, the association announced the results of its study of investment sales practices at 17 of its member banks. The mystery-shopping expedition showed a "high degree of compliance and professionalism by bank sales representatives," officials said.

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The group also endorsed five of its member organizations to help banks with continuing education. The National Association of Securities Dealers, which sets professional standards for the brokerage industry, recently boosted its requirements in this area.

James M. Shelton, executive director of the BSA, said the five firms will work with banks - at "discount" prices - to help put training in place before the July 1996 deadline set by the NASD.

The firms are: Securities Training Corp., New York; Investment Training Institute, Atlanta; Examco, Kenner, La; Pass Perfect Associates, Denver; and Financial Training Resources, Lombard, Ill.

* * *

Concern over compliance has brought forward a new breed of consultants.

Take Catherine H. Hanks, an exhibitor at the conference who launched her own firm, Compliance International, in January.

Ms. Hanks, who headed compliance at Citibank's brokerage until last year, said she took the step because she saw "a real need for training about compliance issues" in banks. Though she is competing against about 25 similar firms, she expects to run "a big-volume business. …

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