FINRA Fines ETrade $1M Over Monitoring Procedures

Law360, New York (January 5, 2009, 12:00 AM EST) -- The Financial Industry Regulatory Authority has slapped units of ETrade Financial Corp. with a $1 million fine, saying they failed to establish and implement procedures to detect trades that may be used to launder money.

ETrade Securities LLC and ETrade Clearing LLC, the two units of the online brokerage firm, were collectively fined for failing to implement procedures to monitor trading in customer accounts between Jan. 1, 2003, and May 31, 2007, FINRA announced Friday.

According to FINRA, ETrade's anti-money laundering program was not tailored to...
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