The Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Crimes Enforcement Network (FinCEN), and the other financial regulators continue to make anti-money laundering (AML) compliance a top priority. One well-known brokerage firm recently paid more than $21 million in penalties to various regulators because its AML program failed to detect and report multiple red flags that indicated an illegal stock manipulation was in progress. To further signal the seriousness with which the regulators view AML compliance violations, the SEC has changed its “no-admit, no-deny” settlement practices to require admission of.
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