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ARTICLE · 17 FEBRUARY 2022

Compliance Officer Settles FINRA Charges For AML Failures

Hogan Lovells Cadwalader
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A registered representative and compliance supervisor ("respondent") settled FINRA charges for improper supervision of his firm's AML program.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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A registered representative and compliance supervisor ("respondent") settled FINRA charges for improper supervision of his firm's AML program.

In a FINRA Letter of Acceptance, Waiver and Consent, FINRA found that the respondent failed to (i) implement and monitor the firm's AML program, (ii) supervise AML staff, (iii) perform required reviews of surveillance reports, (iv) file Suspicious Activity Reports and (v) ensure adequate AML investigations. In August 2020 the respondent's employer settled FINRA charges in violation of Rules 3310 ("Anti-Money Laundering Compliance Program") and 2010 ("Standards of Commercial Honor and Principles of Trade") during the period that respondent was the AML Compliance Officer.

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