Investment Company and. Variable Contracts Products Principals (Series 26) Practice Exam

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Prepare for the Investment Company and Variable Contracts Products Principals Exam. Utilize flashcards and multiple-choice questions with detailed explanations. Excel in your Series 26 Exam!

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How long does a firm have to notify FINRA of a change in the compliance officer overseeing the firm's anti-money laundering program?

10 days
15 days
30 days
45 days

The correct answer is: 30 days

The correct answer is based on the requirements established by FINRA regarding the oversight of anti-money laundering (AML) compliance programs. A firm is required to notify FINRA within 30 days following any change in the designated anti-money laundering compliance officer. This notification is crucial as it ensures that the regulatory body is aware of who is responsible for overseeing the firm's adherence to AML policies and regulations. Keeping FINRA informed about such changes supports the integrity of the compliance framework, allowing for effective oversight and ensuring that firms maintain adequate measures to prevent money laundering activities. Being timely in reporting such changes helps facilitate a comprehensive monitoring environment, which is essential for both the firm and regulatory compliance.