FINRA Fines Firm $1M Over Anti-Money Laundering Rules

Law360, New York (December 16, 2013, 3:13 PM EST) -- The Financial Industry Regulatory Authority has hit a Nebraska clearing firm with a $1 million fine for repeatedly violating anti-money laundering, financial reporting and supervisory requirements, the agency said Monday.

The regulator claims Omaha-based COR Clearing LLC’s anti-money laundering surveillance program did not reasonably address the risks of its business model, as the type of accounts it deals with have a higher risk of money laundering and other fraudulent activity.

The fine is part of a settlement resolving the allegations against COR, which neither admitted nor...
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