How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.
Securities firm fined $8M for AML and SAR violations
A news release from the Financial Industry Regulatory Authority (FINRA) has announced the assessment of an $8 million fine against New York-based Brown Brothers Harriman & Co. (BBH) for substantial anti-money laundering (AML) compliance failures and other related violations. The fine, the largest levied by FINRA for AML violations, resulted from a failure to have an adequate anti-money laundering program in place to monitor and detect suspicious penny stock transactions; failing to sufficiently investigate potentially suspicious penny stock activity brought to the firm's attention; the failure to file SARs; and the lack of an adequate supervisory system to prevent the distribution of unregistered securities. As part of the FINRA action, BBH's former Global AML Compliance Officer Harold Crawford was also fined $25,000 and suspended for a month.