Financial services company Canaccord, has been hit with an $80 million penalty by the U.S. Treasury’s Financial Crimes Enforcement Network (FInCEN)–the largest FinCEN penalty against a broker-dealer in its history.
Canaccord, a subsidiary of Canaccord Genuity had been warned by regulators as far back as 2013 that it had widespread compliance failures, and was not doing enough to screen for suspicious clients and report them, FinCEN said in a consent order filed Friday. Those other regulators include the including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
