The Financial Crimes Enforcement Network and the Securities and Exchange Commission today slapped securities broker Oppenheimer with a $20 million total civil penalty for not adhering to rules on the sale of penny stocks. Of that amount, $10 million will go to the SEC to resolve related securities and Bank Secrecy Act violations.
Oppenheimer admitted that it failed to establish and implement an adequate anti-money laundering program, failed to conduct adequate due diligence on a foreign correspondent account, and failed to comply with requirements under Section 311 of the USA PATRIOT Act.
