Financial Web Technologies

Navigation Menu

Raymond James fined $17 Million for AML & Prior AMLCO Fined and Suspended

Raymond James fined $17 Million for AML & Prior AMLCO Fined and Suspended

Posted by on May 18, 2016 in AML, CCO Liability, Compliance Automation, Cost of Complaince | 0 comments

Written by Don Lee FINRA announced today that it has fined Raymond James  & Associates $17 Million for failures related to their Anti Money Laundering Programs as well as a personal fine for the prior AMLCO of $25,000 and 3 months suspension. The $17 Million fine was split $8 Million for Raymond James and Associates and $9 Million for Raymond James...

Read More

FINRA warns BDs on AML & the Adequacy of Surveillance Systems

FINRA warns BDs on AML & the Adequacy of Surveillance Systems

Posted by on Apr 8, 2016 in AML, CCO Liability, Compliance Automation, Cybersecurity | 0 comments

Written By: Don Lee FINRA’s Executive Vice President of enforcement Brad Bennett highlighted two trends that FINRA is seeing in enforcement during his speech at SIFMA’s AML and Financial Crimes conference.  Firstly, he mentioned that firms must have an adequate system for monitoring suspicious activities. These systems must be properly...

Read More

Are you effectively monitoring your trade desk?

Are you effectively monitoring your trade desk?

Posted by on Dec 22, 2015 in AML, CCO Liability, Compliance Automation, Cost of Complaince | 0 comments

Written by Don Lee Today  Morgan Stanley agreed to pay $8.8 Million to settle charges for prearranged trading or “parking” that favored certain advisory client’s accounts. This was done with SG Americas the US subsidiary of the French conglomerate Societe Generale who was also fined $1 Million and the broker/ trader barred for 3 years...

Read More

Big Data, Broker Dealers and Regulators

Big Data, Broker Dealers and Regulators

Posted by on Dec 21, 2015 in AML, CCO Liability, Compliance Automation, Cost of Complaince, Risk Rating | 0 comments

Written by Don Lee In the recent Technology Tools for Today conference hosted by Investment News on November 2nd in Florida, Big Data was once again a topic among the financial community. The general consensus among the broker dealers present was “the additional uses of Big Data is likely to spur more attention from government and industry...

Read More

How much does your firm spend on Compliance … is it enough?

How much does your firm spend on Compliance … is it enough?

Posted by on Dec 11, 2015 in AML, CCO Liability, Compliance Automation, Cost of Complaince | 0 comments

Written by Don Lee Is your firm spending enough on compliance? That has been one of the main questions over the last few years. Most firms compliance expenditure is primarily on their Chief Compliance Officer because it is a regulatory requirement, but is that enough? Its no secret that the revenues in the financial world have declined so much so that the...

Read More

FinCEN’s $1 Million Fine Against CCO and Personal Liability

FinCEN’s $1 Million Fine Against CCO and Personal Liability

Posted by on Dec 4, 2015 in AML, CCO Liability | 0 comments

Written by Don Lee In December of 2014, FINCEN fined MoneyGram’s then Chief Compliance Officer Thomas Haider $1 Million as a civil penalty and was trying to bar him from working in the financial services industry for life (https://www.fincen.gov/news_room/nr/pdf/20141218.pdf). This stems from fraudulent actions by Haider’s employer MoneyGram in...

Read More