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Finra Fines Scottrade $600,000 for Manually Reviewing Online Transactions
By Colby Adams
printThe 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 Financial Industry Regulatory Authority (Finra), which supervises nearly 4,800 brokerage firms, penalized the St. Louis, MO-based company for failing to "tailor" its anti-money laundering (AML) program to its business for five years, the organization said. Scottrade, which conducts the bulk of its business online, manually audited suspicious transactions during Finra's first review period, from April 2003 to June 2005, according to Finra. The sheer volume of the firm's transactions, along...
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