May 17, 2018 BY Valentina Kirilova

FINRA fines ICBCFS $5.3M for anti-money laundering compliance deficiencies

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3 million for systemic anti-money laundering (AML) compliance failures, including its failure to have a reasonable AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial,…

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