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FINRA Fines Cetera Entities $1.1 Million Over AML and Penny Stock Oversight Failures
The Financial Industry Regulatory Authority (FINRA) has levied a $1.1 million fine and issued a censure against three Cetera entities after uncovering systemic deficiencies in their anti-money laundering (AML) controls and oversight of low-priced securities. The regulatory body determined that from March 2019 through August 2021, Cetera Advisors, Cetera Wealth Services, and Cetera Investment Services “operated a compliance program that was not reasonably designed to detect or
Jan 194 min read
FINRA Penalizes Mundial Financial Group Over Prolonged AML and Governance Failures Penalizes Mundial Financial Group Over Prolonged AML and Governance Failures
FINRA has issued a $100,000 fine against Mundial Financial Group after identifying serious and long-running breakdowns in the firm’s anti-money laundering controls. The enforcement action follows years of deficiencies spanning customer identification, transaction surveillance, and internal governance, which regulators concluded left the firm highly exposed to illicit trading and money laundering risks. Investigators also found that these weaknesses were exacerbated by the inv
Dec 24, 20254 min read
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