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The Fifth AML Pillar – Ongoing Transaction Monitoring

The Fifth AML Pillar – Ongoing Transaction Monitoring

Posted by on May 19, 2016 in AML, Compliance Automation, FINCEN, Risk Rating | 0 comments

Written by Don Lee FINCEN published its final long awaited ‘Customer Due Diligence Rule‘ (CDD) for covered financial institutions on May 11, 2016. FINCEN states there are four elements of the CDD that must be explicit in AML procedures. These include: (1) customer identification and verification; (2) beneficial ownership identification and...

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Raymond James fined $17 Million for AML & Prior AMLCO Fined and Suspended

Raymond James fined $17 Million for AML & Prior AMLCO Fined and Suspended

Posted by on May 18, 2016 in AML, CCO Liability, Compliance Automation, Cost of Complaince | 0 comments

Written by Don Lee FINRA announced today that it has fined Raymond James  & Associates $17 Million for failures related to their Anti Money Laundering Programs as well as a personal fine for the prior AMLCO of $25,000 and 3 months suspension. The $17 Million fine was split $8 Million for Raymond James and Associates and $9 Million for Raymond James...

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