Firstrade Clears Way for Anti-Money Laundering

- Robert Daly
- 28 Aug 2003

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Automated anti-money laundering (AML) solutions aren’t just for large brokerages and clearing firms anymore. Second and third-tier players, like New York-based online brokerage Firstrade Securities, have found less expensive and simple-to-deploy solutions that free them from prior outsourcing arrangements.

The difference between top-tier firms and lower-tier firms goes beyond just the amount that firms are willing to pay for AML solutions, with tier-one players spending $5 to $10 million on a

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