Leveraging Knowledge to Manage Your Data Risks
The Financial Industry Regulatory Authority (FINRA) recently warned financial professionals that imposters are attempting to collect personal information of investors by spoofing financial professionals’ websites, reaching out to investors, and directing them to the fake websites.
The spoofers are able to go on a financial professional’s website or page, copy and paste the picture of…
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…
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…
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…
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…
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,…
