Securities firms fined for anti-money laundering failures

FINRA, the independent regulator for securities firms in the U.S., has fined Penson Financial Services, Inc. a Dallas-based securities clearing firm, US$450,000 for failing to establish and implement an adequate anti-money laundering compliance program from 2003 to 2008 as required by the Bank Secrecy Act, and Pinnacle Capital Markets, a Raleigh-based company, US$300,000 for failing to […]