FINRA Rule 2090: Know Your Customer (KYC) Rules Explained

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FINRA Rule 2090 (Know Your Customer) forms the bedrock of broker-dealer compliance, requiring member firms to use reasonable diligence to open and maintain customer accounts. This course breaks down the essential compliance mechanics tested on the Series 7 and Series 65 exams, including the four essential facts, account verification protocols, and intersections with suitability requirements.

Learn the exact regulatory requirements for document retention, Written Supervisory Procedures (WSP) integration, and how KYC serves as a prerequisite for anti-money laundering (AML) controls under the USA PATRIOT Act.

Timestamps
00:00 - Introduction to FINRA Rule 2090 (KYC)
00:14 - Requirement of Reasonable Diligence
00:22 - Intersections with Rule 2111 (Suitability) & Rule 3310 (AML)
00:37 - The Four Essential Facts Mechanics
00:50 - Capturing Numeric Triggers & Investment Profiles
01:13 - Continuous Maintenance Obligations
01:24 - The 36-Month Disclosure Update Cycle
01:33 - Defined Supervisory Boundaries & KYC Protocols
01:51 - WSP Integration & Beneficial Ownership Verification
02:03 - Six-Year Books and Records Retention Cycle
02:25 - Key Takeaways: Rule 2090 Compliance Foundation

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