America'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 nation's largest nongovernmental regulator of securities is signaling it wants executing brokers to know their customers better, even when the clients come from larger firms.
A $1 million penalty for anti-money laundering failures against an Omaha, NE independent clearing firm ratchets up the pressure on similar operations and their introducing broker clients, say compliance professionals.
As investment firms look toward new markets to turn a profit, the individuals charged with auditing their compliance program should take note. Bad audits remain a common thread of costly regulatory penalties.
U.S. financial institutions are taking a closer look at accounts held for stock brokers managing money on behalf of multiple parties in the wake of governmental warnings and sanctions-related settlements.
Penny stock fraud and soon-to-be introduced customer due diligence regulations should be foremost on the minds of compliance officers at small securities firms, believes Kenneth Cherrier, senior vice president and chief supervisory officer at Overland, KS-based Waddell & Reed, Inc.
U.S. law enforcement officials and regulators have queried the nation's financial intelligence unit about securities settlements that use the world's top financial messaging platform, according to the agency's director.
The number of fines levied by the U.S. nongovernmental regulator of securities and brokerage firms more than doubled in the first five months of 2012 compared to the same period in 2011.
In violation of federal law, the confidentiality of suspicious activity reports is being breached regularly by some securities firms, a securities markets regulator said Friday.
U.S. broker-dealers are bracing for the July enforcement deadlines of two sets of federal rules that will broadly expand their know-your-customer duties, at times ambiguously, say analysts.