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Firm And Principal Settle FINRA Charges For AML Compliance Program Violations - Government, Public Sector

To print this article, all you need is to be registered or login on Mondaq.com. A firm and its principal settled FINRA charges for failing to establish an adequate AML program and a supervisory system. In a Letter of Acceptance, Waiver, and Consent, FINRA found that, although there was a principal responsible for monitoring the firm s AML compliance and reviewing red flags, the firm s AML procedures did not provide guidance regarding how that principal was to identify or review red flags. FINRA stated that the firm s review for potentially suspicious transactions was limited to that principal s manual review, even though that

Compliance programMoney launderingCommercial honorஇணக்கம் ப்ரோக்ர்யாம்பணம் சலவைவணிகரீதியானது மரியாதை

Firm Settles FINRA Charges Over Unsuitable Recommendations - Finance and Banking

Firm Settles FINRA Charges Over Unsuitable Recommendations - Finance and Banking
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Commercial honorவணிகரீதியானது மரியாதை

Firm Settles FINRA Charges For Failing To Monitor Employees Outside Brokerage Accounts - Finance and Banking

To print this article, all you need is to be registered or login on Mondaq.com. A firm settled FINRA charges for failing to establish a supervisory system designed to monitor employees outside brokerage accounts. In a Letter of Acceptance, Waiver and Consent, FINRA found that the firm did not, among other things, (i) have an automated system to track whether new hires had disclosed all existing accounts or (ii) require employees to annually certify disclosure of all outside brokerage accounts. FINRA also found that the firm s Global Personal Account Trading system created a backlog of instances where trade and account data could not be matched to

Global personal account tradingCommercial honorFirm settles finra charges for failing to monitor employees amp 39 outside brokerage accountsFinance and bankingFinancial servicesவணிகரீதியானது மரியாதைநிதி மற்றும் வங்கிநிதி சேவைகள்

Firm Settles FINRA Charges For Excessive Commissions - Finance and Banking

A firm settled FINRA allegations for charging excessive commissions on certain transactions in equity securities. In a Letter of Acceptance, Waiver and Consent, FINRA found that, between June 2015 and April 2020, the firm charged commissions on 236 transactions that ranged from 5 percent to 66 percent of the transactions principal values. FINRA found the commissions to be unfair based on FINRA Rule 2121 Supplementary Material .01 (or the 5% Policy ), which sets forth a markup limit of 5 percent or less. The firm was found to be in violation of FINRA Rules 2121 ( Fair Prices and Commissions ) and 2010 ( Standards of Commercial Honor and Principles of Trade ). To settle the charges, the firm

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Firm Settles FINRA Charges For Failing To Detect Unsuitable Recommendations - Finance and Banking

To print this article, all you need is to be registered or login on Mondaq.com. A firm, its chief compliance officer ( CCO ) and one of its supervisors (the Supervisor ) settled FINRA charges for supervisory failures relating to unsuitable recommendations made by one of the firm s representatives. In a Letter of Acceptance, Waiver and Consent, FINRA stated that the firm and its CCO failed to create and adequately implement a supervisory system reasonably designed to ensure compliance with regulations involving the sale of collateralized mortgage obligations ( CMOs ). FINRA stated that, upon hiring the representative, the firm did not employ any principals familiar

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