Tag: FinCen

SFC fines
December 18, 2018 BY Valentina Kirilova

UBS fined $15m over deficiencies in anti-money laundering programs

UBS (NYSE:UBS) has agreed to pay $15 million total fine to FINRA, SEC and FinCEN. The financial services company failed to implement anti-money laundering programs. Susan Schroeder, FINRA’s Executive Vice President, Department of Enforcement, commented on the news: AML systems must be reasonably designed to monitor transactions for potentially suspicious activity. When firms are part of…

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August 12, 2016 BY Mike Fox

FinCEN issues final due diligence rules and AML procedures for FCMs and IBs

The Financial Crimes Enforcement Network (FinCEN) today issued final rules relating to customer due diligence requirements that are applicable to futures commission merchant (FCM) and introducing broker (IB) Members. Under the new rules, FCM and IB Members will be required to identify and verify the identity of beneficial owners of legal entity customers. The final…

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