FINRA Says Calif. Firm Failed To Follow Its Own AML Policies
Law360 (July 27, 2020, 9:16 PM EDT) -- The Financial Industry Regulatory Authority struck a settlement with a California-based securities brokerage on Monday, fining it for offenses stemming from the firm's alleged failures to catch red flags about potential money laundering despite having written procedures in place to catch them.
Between November 2012 and December 2016, JKR & Co. Inc. failed to detect red flags, such as a client with a history of securities fraud as well as several commonly owned accounts that lacked an "apparent business purpose" and engaged in potential manipulative trading, according to a letter of acceptance filed by the firm.
"The firm's AML procedures indicated...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!