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FINRA fines compliance officer for AML compliance failures

Jaclyn Jaeger | May 24, 2016

The Financial Industry Regulatory Authority announced today that it has fined Raymond James & Associates and Raymond James Financial Services a total of $17 million for widespread failures related to the firms’ anti-money laundering programs.

RJA was fined $8 million and RJFS was fined $9 million for failing to establish and implement adequate AML procedures, which resulted in the firms’ failure to properly prevent or detect, investigate, and report suspicious activity for several years. Linda Busby, RJA’s AML compliance officer from 2002 to February 2013, was also fined $25,000 and suspended for three months.

“RJA and RJFS’ significant growth between 2006 and 2014 was not matched by commensurate growth in their AML compliance systems and processes,” FINRA stated. As a result, FINRA said, RJA and Busby and RJFS were unable to establish...

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