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Finra Hands Brown Brothers Harriman Largest-Ever Fine for AML Violations
By Brian Monroe
printAmerica's oldest private bank will pay $8 million to settle regulatory anti-money laundering violations, the largest such fine imposed by the Financial Industry Regulatory Authority. The nongovernmental regulator, known as Finra, said Brown Brothers Harriman (BBH) failed to sufficiently look into the trading of six billion shares of penny stocks for which it served as executing broker or custodian between January 2009 and June 2013. In facilitating trades by foreign banks with omnibus accounts at BBH, the institution knowingly gave individuals abroad anonymous access to the U.S. financial market, Finra said. In the written order, Finra faulted Harold Crawford, BBH's...
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