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A firm settled FINRA charges for failing to implement adequate systems to review suspicious activity in customer accounts, conduct independent testing of its AML program and provide reasonable training to employees responsible for implementing the program.

Commentary by Steven Lofchie

The SEC adopted a rule that any SEC-registered central clearing agency that provides central clearing of U.S. Treasury securities ("USTs") shall require its members to centrally clear (i) most repurchase and reverse repurchase transactions in USTs to which it is a counterparty and (ii) certain cash market purchases and sales of USTs.