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Weekly Roundup: Finra Fines Firm $475,000 for Cartel Ties, Trial of Former New Orleans Mayor Begins, and More
printThe Financial Industry Regulatory Authority fined the New York-based Banorte-lxe Securities $475,000 for lacking an anti-money laundering program tailored to its risks and for failing to register between 200 and 400 foreign finders that primarily served Mexican clients. In one instance, the firm allowed a corporate client with Mexican drug cartel connections to transfer $25 million in and out of an account in one month. More On Friday, the Federal Deposit Insurance Corp. (FDIC) ordered Horsham, PA-based Vantage Point Bank to improve its suspicious activity reporting and strengthen its management oversight. More The agency also ordered Coral Gables, FL-based Banesco...
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