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FINRA Says Calif. Firm Failed To Follow Its Own AML Policies

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > FINRA Says Calif. Firm Failed To Follow Its Own AML Policies

FINRA Says Calif. Firm Failed To Follow Its Own AML Policies

Law360 (July 27, 2020, 9:16 PM EDT) — The Financial Industry Regulatory Authority struck a settlement with a California-based securities brokerage on Monday, fining it for offenses stemming from the firm’s alleged failures to catch red flags about potential money laundering despite having written procedures in place to catch them.

Between November 2012 and December 2016, JKR & Co. Inc. failed to detect red flags, such as a client with a history of securities fraud as well as several commonly owned accounts that lacked an “apparent business purpose” and engaged in potential manipulative trading, according to a letter of acceptance filed by the firm.

“The firm’s AML procedures indicated…

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