Finra urges brokers to tighten money-laundering controls after Industrial and Commercial Bank of China fine

11 June 2018 9:32am
US securities regulators urged brokerages to tighten their money-laundering controls following recent multi-million-dollar fines of Industrial and Commercial Bank of China and Merrill Lynch.

“Failure to monitor adequately suspicious activity and making sure that suspicious activity has been reported was the No. 1 anti-money-laundering finding from our exams in 2017,” Scott Gilbert, a senior director of the Financial Industry Regulatory Authority’s New York office, said at a recent industry conference.

“I urge firms to focus on their scenarios for money movement and suspicious trading, and make sure they’re adequate,” Gilbert added.