- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-03T16:45:00
The Financial Industry Regulatory Authority (FINRA) increased penalties for member violations of securities rules in new guidance.
Revisions to FINRA’s sanctions guidelines, effective Sept. 29, split the current guidelines for sanctions between individuals and firms and separate fine ranges for the latter into one range for small firms and another for mid-sized to large firms.
The guidelines establish new penalties for anti-money laundering (AML) violations, including removing the upper limit on certain fines for violations like failing to reasonably monitor and report suspicious transactions. The guidelines also provide fine ranges for individuals and lay out when a firm or individual should be suspended or expelled for misconduct.
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The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring indicated a new emphasis for the regulator on combating financial crime, particularly cybercrime.
UBS Securities agreed to pay $3.75 million to settle allegations brought by the Financial Industry Regulatory Authority that its failure to adequately supervise compliance staff led to millions of violations of options trading reporting requirements.
The Financial Industry Regulatory Authority announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.
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.
