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FINRA Fines BNP Securities $15 Million for AML Lapses

By Valentina Pasquali

Two securities-trading affiliates of French lender BNP Paribas agreed to pay a combined $15 million to resolve U.S. allegations that they neglected from 2013 to 2017 to monitor and review trades of penny stocks for anti-money laundering purposes. BNP Paribas Securities Corp. and Prime Brokerage received client deposits of almost 31 billion micro-cap and low-priced shares totaling $340 million during two-and-a-half of the four years in question, the Financial Industry Regulatory Authority alleged in a 13-page consent order Thursday. But the New York-based broker dealers, which jointly administered an enterprise-wide AML program before merging last year, did not have systems...

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