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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-03-06T20:16:00
A Utah-based broker-dealer agreed to pay $100,000, hire an independent anti-money laundering (AML) consultant, and be censured for allegedly failing to file suspicious activity reports (SARs) on certain transactions over a two-year period.
From March 2017 through May 2019, Cambria Capital “failed to properly investigate certain suspicious conduct, failed to investigate certain red flags, and ultimately failed to file SARs when required,” the Securities and Exchange Commission (SEC) said in its order filed Thursday.
During the relevant period, Cambria specialized in the liquidation of microcap securities. With many of these transactions, the pattern of liquidations often occurred in combination with red flags including “unusually large deposits, suspicious wire activity, or multiple accounts simultaneously trading in the same microcap security,” per the SEC.
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News and analysis for the well-informed compliance or audit exec.
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2023-08-29T18:23:00Z By Kyle Brasseur
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.
2023-07-11T17:32:00Z By Kyle Brasseur
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.
2023-06-23T16:49:00Z By Jeff Dale
JPMorgan Securities agreed to pay $4 million to settle charges levied by the Securities and Exchange Commission regarding record retention violations related to the deletion of approximately 47 million electronic communications.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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