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FINRA Hits E-Trade With Second $1 Million Penalty for AML Deficiencies
printE*Trade has been fined $1 million by the Financial Industry Regulatory Authority (FINRA) for inadequate anti-money laundering policies and procedures, making it the second time in the past six months that the New York-based online securities trading firm has been hit by a financial regulator for compliance deficiencies. FINRA, a self-regulatory organization for the securities industry, announced on Friday that it fined E*Trade Securities LLC and E*Trade Clearing LLC a total of $1 million for their failure to maintain adequate AML systems and monitor for suspicious trading activity between January 2003 and May 2007. In July, E*Trade was fined $1...
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