Kenneth Rijock

Kenneth Rijock

Monday, December 5, 2016

FINRA FINES CREDIT SUISSE SECURITIES $16.5m FOR MAJOR AML DEFICIENCIES


The Financial Industry Regulatory Authority, FINRA has imposed a fine of $16.5m, and required implementation of a number of policies and procedures, upon Credit Suisse Securities (USA) LLC (a subsidiary of Credit Suisse Group AG), for systemic deficiencies in its anti-money laundering program.

The agency found:
(1) The company's registered representatives, who were responsible for identifying suspicious trading, and high-risk activity, did not always investigate such matters, when they occurred.
(2) The company's automatic surveillance system, which was supposed to monitor suspicious money transactions, was flawed;  data feeds were missing, and the system had not been properly implemented.

Readers who wish to review the complete text of the eleven page Letter of Acceptance, Waiver and Consent  may access it here.

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