FINRA Levies $17 Million Fine On Raymond James For AML Compliance Failures
Posted: Tue May 17, 2016 3:55 pm
The Financial Industry Regulatory Authority (FINRA) announced today in a statement that it has fined Raymond James & Associates (RJA) and Raymond James Financial Services (RJFS) $17 million for widespread failures relating to both firms’ anti-money laundering (AML) programs.
The parties relied on a patchwork of written procedures to detect suspicious activity.
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The firms were penalised for failing to establish and implement sufficient AML procedures, resulting in their failure to properly prevent or detect, investigate, and report ... (read more)