Wall Street Broker AF&Co Settles for $300,000 with SEC over SAR filings
Posted: Wed Jun 01, 2016 5:55 am
The U.S. Securities and Exchange Commission (SEC) just announced charges against Wall Street-based brokerage firm Albert Fried & Company (AF&Co) over failing to file Suspicious Activity Reports (SARs) for more than a five-year period, according to an official statement from the regulator.
The charges against AF&Co, based on an SEC investigation, found how the firm failed to file the required reports over the mentioned period even though there were numerous occasions that triggered the filing requirement based on red-flags from client’s suspicious transactions that the company was obligated to report – but didn’t.
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Brokerage firms must take their anti-money laundering responsibilities seriously ... (read more)