Two broker-dealer firms agreed to settle SEC and FINRA charges of anti-money laundering violations for failing to report suspicious penny stock sales.
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New York firm settled FINRA charges for failure to implement an adequate AML program for transactions involving low-priced securities and foreign financial institutions.
FINRA proposed a rule amendment to permanently adopt minimum quotation sizes for OTC equity securities implemented under the Tier Size Pilot Program.
FINRA filed a proposed rule amendment with the SEC to extend the Tier Size Pilot Program for OTC equity securities (i.e., unlisted equity securities).
FINRA reminded firms to strengthen their policies and procedures concerning detection, monitoring and reporting of potentially fraudulent low-priced securities activity.