FINRA Fines Texas Firm For Alleged AML Compliance Failures

Law360 (July 29, 2020, 5:03 PM EDT) -- The Financial Industry Regulatory Authority fined a Dallas-based brokerage firm nearly half a million dollars for alleged failures to implement an adequate anti-money laundering compliance program to oversee the trading of more than two billion penny stock shares that were collectively worth roughly $221 million.

FINRA struck the $475,000 settlement agreement with Hilltop Securities on Tuesday over claims that the firm's lack of an AML compliance program led to failures to "detect and investigate" red flags that may have required the filing of suspicious activity reports, or SARs.

During a 15-month period that ended in April 2016, the firm failed to collect...

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