NASD Fines Firm $3M For Anti-Laundering Violations

Law360, New York (January 29, 2007, 12:00 AM EST) -- The National Association of Securities Dealers has slapped Banc of America Investment Services with a $3 million fine for allegedly violating anti-money laundering statutes.

The NASD claims that BAI failed to obtain customer information relating to high-risk accounts, as stipulated by the company’s anti-money laundering policy. In addition, BAI allegedly failed to communicate with its parent bank to ensure that suspicious activity reports were appropriately filed.

“The anti-money laundering and terrorist financing laws are designed to ensure that customer and transaction risks are assessed and that...
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