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Broker-Dealer Firms Settle AML Charges

Two broker-dealers firms agreed to settle SEC charges and FINRA charges of anti-money laundering violations for failing to report suspicious penny stock sales. The parties agreed to settle the charges without admitting or denying the SEC and FINRA findings.

Primary Sources

  1. SEC Press Release: SEC Charges Brokerage Firms and AML Officer with Anti-Money Laundering Violations (May 16, 2018)
  2. FINRA Press Release: FINRA Fines ICBCFS $5.3 Million for Anti-Money Laundering Compliance Deficiencies and Other Violations (May 16, 2018)
  3. SEC Order: Industrial and Commercial Bank of China Financial Services, LLC
  4. FINRA AWC Letter: Industrial and Commercial Bank of China Financial Services LLC
  5. SEC Order: Chardan Capital Markets, LLC
  6. SEC Order: Jerard Basmagy

Tags

Regulated Activities
AML Compliance
Regulated Entities
Broker-Dealers
Regulated Products
Penny Stocks / Small Caps
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA