NASD Fines Firm $3M For Anti-Laundering Violations
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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