FINRA Archives - Corruption, Crime & Compliance

15 Oct, 2021

FINRA Reminds Broker-Dealers on Importance of Compliance with New AML Rules

The new Anti-Money Laundering laws and regulations continue to roll out with new risks, liabilities and compliance requirements. There is a coming AML enforcement storm, fueled by a new AML whistleblower program that will operate in a manner similar to the SEC’s successful whistleblower program. The AML Act of 2020 increased penalties for AML offenses, adopted investigative improvements to expand the reach of AML investigations...

General

6 Nov, 2019

FINRA Fines BNP Paribas $15 Million for Anti-money Laundering Violations

The Financial Industry Regulatory Authority is not known for its aggressive enforcement record. But that may be changing. FINRA recently fined BNP Paribas for $15 million for anti-money laundering deficiencies in the broker-dealer unit’s operations that allowed billions of dollars’ worth of suspicious penny stock and foreign currency transactions. BNP’s senior management failed to respond to repeated warnings from staff that the firm’s minimal AML...

General

19 Dec, 2018

UBS Pays $15 Million for AML Compliance Deficiencies

UBS Group agreed to pay a combined $15 million penalty to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)and the SEC for regulatory deficiencies in its anti-money laundering compliance program. UBS is required to pay $5 million to the Treasury Department; $5 million to the SEC and another $5 million to FinCEN. UBS’ broker-dealer unit, UBS Financial Services, Inc. (“UBSFS”), violated the Bank Secrecy...