FINRA Fines Ameriprise and Its Affiliated Clearing Firm $750,000 for Failing to Supervise Transmittal of Customer Funds to Third-Party Accounts

FINRA announced that it has fined Ameriprise Financial Services, Inc. and its affiliated clearing firm $750,000 for failing to have reasonable supervisory systems in place to monitor wire transfer requests and the transmittal of customer funds to third-party accounts. FINRA found that the firms did not have policies and procedures to detect multiple transmittals of funds going to third-party accounts, and did not adequately track previously rejected wire transfer requests. In addition, the firms failed to detect a former Ameriprise registered representative's misconduct despite numerous supervisory red flags.

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