News
printRelated News
A majority of the brokers examined by the U.S. Securities and Exchange Commission (SEC) as part of an inquiry into the sale of low-priced stocks were found to have serious compliance deficiencies, the agency said Thursday.
The nation's largest nongovernmental regulator of securities is signaling it wants executing brokers to know their customers better, even when the clients come from larger firms.
A $1 million penalty for anti-money laundering failures against an Omaha, NE independent clearing firm ratchets up the pressure on similar operations and their introducing broker clients, say compliance professionals.
In violation of federal law, the confidentiality of suspicious activity reports is being breached regularly by some securities firms, a securities markets regulator said Friday.
U.S. broker-dealers are bracing for the July enforcement deadlines of two sets of federal rules that will broadly expand their know-your-customer duties, at times ambiguously, say analysts.
Some firms under the purview of the nation's largest independent securities regulator are failing to meet anti-money laundering compliance standards despite spending enough money to do so, according to an agency regulator.
Online securities and futures firms should speak regularly with regulatory examiners about the sorts of financial crimes that are raising concerns, according to E*Trade's top AML officer.
The country's largest independent securities regulator fined Scottrade $600,000 Monday for alleged deficiencies in its anti-money laundering program, including the company's over reliance on a manual transaction auditing system.
The largest non-governmental regulator of U.S. securities firms expelled a Southfield, MI, retail foreign currency broker and permanently barred its chief compliance officer for repeated rule violations, including anti-money laundering, accounting and capital requirements failures.
The largest non-governmental regulator of U.S. securities firms said Thursday that it had fined three companies over $1.25 million for failing to implement "reasonable" anti-money laundering compliance programs.
Penalties issued by the Financial Industry Regulatory Agency for anti-money laundering violations are on course to outnumber similar fines levied by the self-regulatory organization in 2008, according to agency data.
The Financial Industry Regulatory Authority fined a Michigan brokerage firm $225,000 for securities violations and poor anti-money laundering controls, the second such enforcement action against a broker this year.
The securities industry's chief regulator fined online trading firm E-Trade $1 million for failing to verify the identity of tens of thousands of customers, a key tenet of federal anti-money laundering regulations.
