简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Financial Industry Regulatory Authority (FINRA) has fined American Portfolios Financial Services, Inc. $225,000 for significant lapses in its Anti-Money Laundering (AML) compliance and supervisory systems between January 2019 and August 2022.
The Financial Industry Regulatory Authority (FINRA) has fined American Portfolios Financial Services, Inc. $225,000 for significant lapses in its Anti-Money Laundering (AML) compliance and supervisory systems between January 2019 and August 2022.
American Portfolios opened accounts for customers engaging in high-risk transactions with low-priced securities, where over 48 million shares were deposited and over 42 million shares were liquidated, generating nearly $17 million in proceeds. Despite these risks, the firm failed to implement adequate policies to detect and report suspicious activities, as required under FINRA rules.
A key example cited by FINRA involved a customer who deposited and liquidated 330,000 shares in a single day during a promotional campaign, raising several red flags that the firm failed to investigate. Additionally, the firms supervisory procedures were inadequate, relying on incomplete documentation to determine the legality of transactions.
In addition to the fine, American Portfolios has accepted a censure as part of the settlement, highlighting the critical need for strong compliance and oversight in financial institutions.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
When a country’s currency appreciates or depreciates in value, it reflects the underlying shifts in its economy and global market dynamics. For forex traders, understanding what drives these fluctuations—and how to strategically prepare for them—can make the difference between profit and loss in an ever-volatile market.
Dukascopy marks 20 years of excellence in trading, offering JForex, MT4/5, 1,200+ instruments, and global banking, dedicated to trust and innovation.
Track key forex pairs like EUR/USD, USD/JPY, and USD/MXN for insights on volatility and market sentiment during this U.S. election week, November 5, 2024.
In the current political climate, understanding the policy differences between the main candidates has become increasingly important. As the 2024 U.S. presidential election approaches, the intense rivalry between Trump and Harris not only influences voters' decisions but also determines the future direction of the nation at a crucial time. With voting imminent, voters face two distinctly different governance philosophies and policy directions that impact not only U.S. domestic and foreign policy but also profoundly affect the global investment landscape.