Tag Archives: FINRA

New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti-Money Laundering Regulations to Virtual Currency Business Models

The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Under FinCEN’s Bank Secrecy Act/Anti-Money Laundering regulations, money transmitters and other money service businesses are required to develop anti-money laundering/countering the financing of … Continue Reading

Recent FINRA Consent Agreement – Sanctions Against Former Securities Employee Regarding Wire Transfers

The regulatory sword of the financial industry came down on a former securities employee for violations involving wire transfers out of a client’s account. The Financial Industry Regulatory Authority (FINRA) provides oversight of the financial industry. According to their website, in 2017, they brought 1,369 disciplinary actions against registered individuals and firms, levied fines totaling … Continue Reading

Initial Coin Offerings and Cryptocurrencies Will be a Priority for FINRA in 2018

In a ten page letter that previews the Financial Industry Regulatory Authority’s (FINRA) priorities for 2018, initial coin offerings (ICOs) and transactions involving cryptocurrencies. This follows previous warnings by both the Securities and Exchange Commission (SEC) and FINRA about the risks associated with investing in ICOs and virtual currencies, including Bitcoin. SEC Chairman Jay Clayton … Continue Reading

FINRA Fines Lincoln Financial Group $650,000

A Lincoln Financial Group subsidiary has agreed to accept a $650,000 fine levied against it by the Financial Industry Regulatory Authority (FINRA) and to implement more robust security controls for a 2012 hacking that compromised the personal information of approximately 5,400 customers. According to FINRA, despite paying a $450,000 fine to FINRA in 2011 over … Continue Reading

FINRA fines Raymond James $500,000

Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations that Raymond James requested that new financial advisers disclose and bring confidential customer information to Raymond James when joining the firm from other brokerage firms, … Continue Reading
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