A U.S. broker-dealer has acknowledged failing to adapt its anti-money laundering controls to its expanding business, vet prospective customers to a sufficient degree and subject its compliance program to independent testing over a period of 18 months. Because of those failures, BLV Securities of Wayne, Pennsylvania, handled millions of dollars of proceeds from "a wide-ranging public corruption and international money laundering scheme" in Brazil, the firm's chief executive told the Financial Industry Regulatory Authority in a letter of acceptance, waiver and consent published Tuesday. BLV, which must now pay a $20,000 fine and eliminate its AML shortcomings within four months,...
The Financial Industry Regulatory Authority announced that the Pennsylvania-based broker-dealer agreed to a $20,000 fine and censure as settlement for noncompliance with its anti-money laundering obligations.
print