- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-22T20:04:00
Broker-dealer American Portfolios will pay a $225,000 fine to the Financial Industry Regulatory Authority (FINRA) over alleged deficiencies in its anti-money laundering (AML) program.
The firm failed to establish, maintain, and supervise an AML program designed to detect suspicious activity in low-priced securities, according to FINRA’s disciplinary action published Aug. 15.
Between January 2019 and August 2022, American Portfolios opened new accounts for multiple customers that transacted in low-priced securities.
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UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
The Financial Industry Regulatory Authority fined a Bank of America subsidiary $90,080 for filing untimely or inaccurate notifications related to security distributions and failing to adopt an adequate supervisory system.
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority over alleged supervisory failures in respect to over-the-counter securities.
Equiniti Trust Company has agreed to pay $850,000 to the Securities and Exchange Commission to settle allegations that its failed security measures allowed millions in client funds to be stolen in two cyber incidents.
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
