- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-10-04T18:25:00
Fidelity Brokerage Services agreed to pay a $900,000 penalty levied by the Financial Industry Regulatory Authority (FINRA) regarding alleged due diligence failures caused by errors in the firm’s automated screening system.
From May 2017 through April 2022, Fidelity did not have a system reasonably designed to review and approve customers’ online applications to trade options, FINRA said in its disciplinary action published Monday.
Fidelity relied on an automated system for reviewing options trading applications. After review, a principal at the firm would approve or disapprove customer accounts for options trading, according to FINRA.
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TD Private Client Wealth agreed to pay a $600,000 penalty levied by the Financial Industry Regulatory Authority for allegedly failing to review millions of employee emails as required by the self-regulatory organization’s rules.
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
