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MidWeek Roundup: Finra Fines Firm for Ponzi Ties, Lebanon Steps Up Crackdown on Launderers, and More
printThe Financial Industry Regulatory Authority fined Raymond James Financial Services $400,000 Monday for failing to detect suspicious activity in one customer account that was later found to be facilitating a client's $17.8 million Ponzi scheme. A lack of adequate compliance resources contributed to the firm's inability to spot red flags related to the scheme, the regulator said. More Lebanon froze the assets of 18 suspicious bank accounts and examined 191 financial institutions' compliance with anti-money laundering (AML) laws in 2011 in response to claims from the United States that the country has inadequate money laundering controls, the Daily Star reported...
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