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So says Crystal Trout, a financial crime compliance expert who adds that an “evasive response is one of the most damaging mistakes a firm can make.”
(Broker-dealer Canaccord Genuity paid an $80 million civil penalty to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) unit — the largest ever imposed against a broker-dealer for violating the Bank Secrecy Act (BSA). The firm’s compliance failures allegedly facilitated money laundering and terrorism financing that involved money laundering and terrorism financing....
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