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FINRA announced that it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering ("AML") programs and other supervisory systems to detect suspicious transactions. FINRA also fined and suspended four individuals, including two compliance officers. & One firm failed to perform any additional scrutiny of accounts that were related to a prior finding of misconduct. FINRA also found that certain customers' accounts engaged in a pattern of activity consisting of moving millions of dollars through the accounts while conducting minimal to no

AIS Financial Action, FINRA Disc. Proc. No. 2008012169101 April 4, 2011 A FINRA hearing panel expelled a CA-based broker-dealer for failing to implement and enforce an anti-money laundering program. The hearing panel found that the firm, on three occasions failed to identify, investigate and report suspicious penny stock activity. The panel also found that the firm permitted a customer account from a person who had a disciplinary history and criminal indictments for engaging in organized crime and money laundering prior to opening an account at the firm. Cross References FINRA New Release