SEC Fine Highlights AML Reporting As Enforcement Priority

By Daniel Hawke, Joshua Martin, Kevin Toomey (May 28, 2021, 1:40 PM EDT) -- On May 12, the U.S. Securities and Exchange Commission announced[1] that GWFS Equities Inc., a registered broker-dealer, had settled charges that it violated the federal securities laws governing a broker-dealer's obligations under the Securities Exchange Act to file suspicious activity reports, or SARs, for certain suspicious transactions.

The enforcement action taken by the SEC against GWFS is another in a line of recent actions against broker-dealers involving SAR-related deficiencies, and it may portend further SEC enforcement activity in this area in the future.


The Bank Secrecy Act and implementing regulations establish anti-money laundering program requirements for broker-dealers, similar to other...

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