FINRA Fines Brokerage Firm $450,000 for Alleged BSA/AML Program Deficiencies
On March 20, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) with an online brokerage firm, censuring and fining the firm $450,000 for alleged deficiencies in its anti-money laundering program, customer identification program, and identity-theft prevention program. According to the AWC, FINRA alleged violations of the Bank Secrecy Act, FINRA Rules 3310 and 2010, and Regulation S-ID.
On March 20, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) with an online brokerage firm, censuring and fining the firm $450,000 for alleged deficiencies in its anti-money laundering program, customer identification program, and identity-theft prevention program. According to the AWC, FINRA alleged violations of the Bank Secrecy Act, FINRA Rules 3310 and 2010, and Regulation S-ID.
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