Scottrade, a St. Louis online investment firm, has announced the hiring of Timothy N. Friedman as its chief anti-money-laundering compliance officer.

In the newly created post Mr. Friedman will oversee the development and implementation of preventive money laundering policies and initiatives, Scottrade said on Tuesday.

Mr. Friedman's responsibilities include oversight of customer identification and verification procedures, suspicious activity reporting, currency transaction reporting, and communication and training for associates.

He was the anti-money-laundering compliance officer at FFP Securities. Before that, he was a vice president and chief compliance officer at Bridge Trading.

Scottrade has 350 branch offices nationally, offering investment products, online trading services, and market research tools.

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