HALISTER1: Finra Fines Raymond James for ‘Widespread’ Compliance Failures

Finra Fines Raymond James for ‘Widespread’ Compliance Failures

(Bloomberg) -- Finra fines Raymond James & Associates, Raymond James Financial Services $17m for “widespread” failures related to anti-money laundering (AML) programs: Finra statement.
  • RJA fined $8m, RJFS $9m for failing to establish, implement adequate AML procedures; meant firms didn’t “properly” prevent or detect, investigate, report suspicious activity for several yrs
    • RJA former AML Compliance Officer Linda L. Busby also fined $25k, suspended for 3 months
  • Finra says RJA, RJFS significant growth 2006-2014 wasn’t matched by commensurate growth in AML compliance systems, processes
  • RJA, RJFS, Busby neither admitted nor denied charges; consented to entry of Finra’s findings
  • NOTE: July 6, Wells Fargo, RJF Penalized for Overcharging Charities
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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RJF US (Raymond James Financial Inc)

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