On Aug. 15, FINRA fined Lek Securities Corporation for AML. On Jun. 1, an SEC order became final and Lek Securities Corporation was fined $100,000, sustaining the NAC's findings and sanctions imposed. Alleged Violations Such sanctions were based on Lek's failure to establish effective AML policies, procedures, controls to adequately report suspicious transactions. Such failure…
Read more
SEC Fine Broker AML Reports
On Aug. 8, 2018, SEC issued no-action relief under S.206(4) and Rule 206(4)-3). Allows investment adviser to pay Schwab cash for solicitation of advisory clients. SEC enforcement would otherwise stop IAs making payment directly or indirectly. Background: On Jul. 9, SEC fined Schwab for not reporting IA suspicious trades. Charles Schwab settled charges it failed…
Read more