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Midweek Roundup: Finra to Review Penalty Standards, Hong Kong Examining Financial Institutions’ Compliance with AML Laws, and More
printThe Financial Industry Regulatory Authority plans to review its penalty guidelines for the securities industry, and will consider issuing bigger fines to larger brokerage firms, Reuters reported Monday, citing Finra Chief Executive Richard Ketchum. The review will also focus on how the agency deals with repeat offenders. More On Wednesday, Finra fined New York-based Slusser Associates Inc. $15,000 for failing to conduct independent testing of its anti-money laundering program in 2009, 2010 and 2011. More M&T Bank Corp. was ordered to forfeit $560,000 by a Maryland district court for failing to file eight currency transaction reports on funds connected to...
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