The Financial Industry Regulatory Authority (FINRA) has ordered a compliance officer to pay $25,000 for failing to establish and implement a “reasonably designed” anti-money laundering (AML) compliance program at the brokerage firm where he worked.
The compliance officer consented to a two-month suspension from association with any FINRA member in all principal capacities. He also agreed to complete 10 hours of continuing education concerning AML responsibilities by a FINRA-approved provider within 90 days after reassociation with a member firm, according to a consent letter published Friday.
