FINRA Fines 3 Firms Over Poor Money Laundering Prevention

Law360, New York (May 8, 2013, 12:54 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday fined three investment firms and four executives more than $1 million total over allegedly faulty anti-money laundering programs, marking the regulator’s latest effort to crack down on suspicious trading.

Atlas One Financial Group LLC, Firstrade Securities Inc. and World Trade Financial Corp. agreed to pay fines of $350,000, $300,000 and $250,000, respectively. The firms failed to properly monitor, detect and report suspicious trades tied to possible money laundering schemes, FINRA alleged in three separate actions.

FINRA also fined and...
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