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Weekly Roundup: Securities Firm Hit With $50,000 Penalty for AML Violations, Founder of Sanctioned Charity Goes to Trial, and More
printU.S. officials may be considering a massive fine-as large as $500 million-against HSBC USA for anti-money laundering (AML) compliance problems, but the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) disclosed a somewhat smaller monetary penalty this week: $50,000 from Pinnacle Capital Markets, LLC. More The Raleigh, N.C.-based futures brokerage failed to establish all four basic components of an AML program, according to a Sept. 1 penalty order by the bureau. Specifically, between January 2006 and September 2009, Pinnacle failed to detect and report numerous suspicious transactions, lacked adequate employee training procedures, failed to establish appropriate controls for correspondent accounts,...
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