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FINRA Sanctions Firm and Compliance Officer for AML Violations
This past February, FINRA issued an acceptance, waiver and consent ("AWC") against a firm and its global anti-money laundering ("AML") Compliance Officer ("CO") for failures in AML compliance regarding brokerage and custodial DVP transactions in penny stocks and unregistered securities through omnibus bank-customer accounts in "known bank-secrecy havens, such as Switzerland, Guernsey and Jersey." FINRA censured the firm and fined it $8 million, and issued an individual one-month suspension and $25,000 fine to its AML CO. The firm is exiting its equity brokerage ...
Posted in: AML, AWC, FINRA, SEC
Tags: AML, AWC, finra, SEC
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