Wells Fargo fined $2.25 million for record-keeping violations
Finra has fined Wells Fargo Clearing Services and Wells Fargo Advisors $2.25 million for violating books-and-records retention requirements.
Source: investmentnews.com
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FinCEN Round-Up:  Real Estate GTOs, Exceptive Relief for On-Line Casinos for Non-Documentary Customer Verification, and the FATF Grey and Black Lists | Ballard Spahr LLP
The Financial Crimes Enforcement Network (“FinCEN”) has been busy during the last few weeks – and presumably will remain busy for the rest of 2021, as it attempts to satisfy numerous...
Source: jdsupra.com
Continuing AML regulatory issue focus: A look at a recent SEC enforcement case, the SEC's response to Petition for Certiorari, and a FINRA regulatory notice regarding FinCEN's initiatives | Bryan Cave Leighton Paisner
Garcia Case Highlights Necessity of Knowing Your Customer and Listening to Internal Fraud Watchdogs. The SEC’s recent Order against a broker-dealer (the “Firm”) imposed...
Source: jdsupra.com
LPL customer and unregistered advisor misappropriated $7.1 million from Mayagüez, Puerto Rico
In a compliance case, the SEC accused LPL of failing to verify conflicting information when it opened a customer account and processed wire transfers.
Source: financial-planning.com
FINRA Reminds Broker-Dealers of their Obligations to Safeguard Customer Information and to Build Controls Designed to Protect Customers from Fraud | Bryan Cave Leighton Paisner
Key Takeaways: ..According to FINRA, the number of reported instances involving broker-dealer fraudulent account takeovers (ATO) and related theft is on the rise. ...
Source: jdsupra.com