Category: Best of the Web

FINRA Fines Raymond James $17 Million for Systemic Anti-Money Laundering Compliance Failures

FINRA Press Release, Wednesday, May 18, 2016

Former AML Compliance Officer Fined and Suspended

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS), a total of $17 million for widespread failures related to the firms’ anti-money laundering (AML) programs. RJA was fined $8 million and RJFS was fined $9 million for failing to establish and implement adequate AML procedures, which resulted in the firms’ failure to properly prevent or detect, investigate, and report suspicious activity for several years. RJA’s former AML Compliance Officer, Linda L. Busby, was also fined $25,000 and suspended for three months.

READ MORE

Back to Best of the Web

Categories

×
Request a Proposal