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Anti-Money Laundering
Broker-dealer with a business focus on trading in microcaps only filed two SARs in just over two years
Cambria opened an account for a customer even though Cambria was aware of numerous red flags as identified in its WSPs as a result of ...
Firm charged by FINRA with failing to tailor its AML program to reasonably monitor for and report suspicious activity
Over a three-year period, firm experienced five cyber events but didn't file SARs
Follow this strategy and a firm “would know immediately that transfers among these different accounts don’t make sense"
Enforcement action against Hunnicutt & Co. illustrates the price for falling short of meeting the independent AML testing requirement
Of the two dozen focus areas identified in new FINRA report, AML garners the most ink from the SRO
IAA 'very pleased' with bill's failure
'Compliance, really, is a risk mitigation strategy.'
Enforcement actions reflect cases that tie back to many of the issues flagged in FINRA's 2022 exam focus report