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FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML

May 31, 2018 by Louis Chunovic

FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML

The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering 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, record-keeping… Read More >>

Filed Under: Securities Operations, Operational Risk, Risk Management, General Interest, Governance, Diversity, Equity, and Inclusion (DEI), Back-Office, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Compliance, Regulatory Reporting Tagged With: AML, AML/Fraud/Financial Crime, back office, Chardan Capital Markets, FINRA, General Interest, governance, Human Interest, ICBCFS, Industrial and Commercial Bank of China Financial Services, Jerard Basmagy, operational risk, regulation, Regulation & Compliance, Regulatory, reporting, risk management, SEC, Securities Operations

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