All Financial Industry Regulatory Authority articles – Page 4
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FINRA to sweep crypto-related communications by broker-dealers
The Financial Industry Regulatory Authority announced an examination sweep of retail communications by broker-dealers and their affiliates related to cryptocurrency asset products and services.
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FINRA sets fine ranges for AML failures, removes limits on certain penalties
The Financial Industry Regulatory Authority increased penalties for member violations of securities rules, including removing upper limits on fines for certain instances of misconduct.
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FINRA fines Barclays $2.8M over supervision, disclosure lapses
Barclays Capital agreed to pay $2.8 million as part of a settlement with the Financial Industry Regulatory Authority for “failure to comply with customer confirmation and related supervision rules” that led to disclosure lapses.
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Q1 roundup: SEC tackles climate disclosures, businesses navigate Russia restrictions, more
Regulation and guidance from U.S. agencies and the White House, plus compliance challenges stemming from a two-year global pandemic and Russia’s ongoing invasion of Ukraine, made the first quarter of 2022 a novel risk environment for regulated businesses.
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FINRA stresses supervisory authority as key to CCO liability cases
Whether chief compliance officers have supervisory authority is key to the Financial Industry Regulatory Authority’s determination of CCO liability, the organization clarified in a regulatory notice.
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FINRA sanctions compliance officer for AML failures
The Financial Industry Regulatory Authority has ordered a compliance officer to pay $25,000 for failing to establish and implement a “reasonably designed” anti-money laundering compliance program at the brokerage firm where he worked.
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FINRA 2022 exam report highlights Reg BI compliance, AML trends, more
The Financial Industry Regulatory Authority’s annual report on examinations and risk monitoring contains insights on issues the organization uncovered regarding broker-dealers’ compliance with Regulation Best Interest during the rule’s first full year in existence.
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Credit Suisse unit fined $9M for conflict of interest, recordkeeping lapses
Credit Suisse Securities agreed to pay a $9 million fine levied by FINRA for failing to comply with securities laws and rules involving potential conflicts of interest and the safeguarding of customer securities.
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FINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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Roisman: SEC should consider stricter cyber reporting for public companies, advisers
SEC Commissioner Elad Roisman says the agency should mull over whether to require public companies and investment advisers to perform the same kind of reporting, preparation, and planning for cyber incidents that FINRA requires of registered broker-dealers.
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FINRA encourages proactive compliance with FinCEN AML/CFT priorities
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
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FINRA notice outlines key areas for supervising third parties
The Financial Industry Regulatory Authority issued a notice on compliance deficiencies arising from firms’ relationships with vendors culled from examination findings.
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Compliance implications of Robinhood’s record $70M FINRA fine
The Financial Industry Regulatory Authority ordered Robinhood Financial to pay a record-breaking $70 million in penalties, the result of “systemic supervisory failures in several critical parts of its business.” The firm must retain a compliance consultant, among other enhancements.
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Robinhood, FINRA discussing settlement over 2020 outages
Online stock-trading platform Robinhood said it may face at least $26.6 million in costs related to resolving investigations by FINRA concerning its options-trading practices and outages its platform suffered last year.
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FINRA report: Top risk areas for AML, cyber-security
The Financial Industry Regulatory Authority has published a new report designed to help inform member firms’ compliance programs by providing annual insights from its examinations and risk monitoring programs.
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Regulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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Training, conflict of interest early pain points of Reg BI compliance
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
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FINRA sanctions Wells Fargo $2M over variable annuity switches
Two Wells Fargo subsidiaries were ordered to pay more than $2 million due to supervisory failures regarding the switching of customers’ variable annuities, the Financial Industry Regulatory Authority announced.
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Interactive Brokers to pay $38M for SAR, AML failures
Interactive Brokers has agreed to pay $38 million in settlements with three regulatory agencies related to anti-money laundering lapses, including repeated failures regarding the filing of suspicious activity reports.
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Report: AI tools carry many benefits, some risks for securities industry
A study on the use of artificial intelligence in the securities industry by FINRA found a number of challenges with the technology—data bias, customer privacy, and cyber-security among them—but noted it can offer “significant benefits.”