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FINRA Penalises Moors & Cabot $125,000 Over AML Monitoring Failures
US brokerage firm Moors & Cabot has been censured and fined $125,000 by the Financial Industry Regulatory Authority after regulators identified significant weaknesses in the firm's anti-money laundering programme, including shortcomings in transaction monitoring and the handling of alerts involving customer money movements. The regulatory action concerns conduct that took place over several years and highlights the importance of ensuring that AML surveillance systems are capa
4 hours ago7 min read
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