UBS to Pay $15 Million Total Fine to FINRA, SEC and FinCEN
WASHINGTON - FINRA announced today that it has fined UBS Financial Services Inc. (UBSFS) $4.5 million and UBS Securities LLC (UBSS) $500,000 for failing to establish and implement anti-money laundering (AML) programs reasonably designed to monitor certain high-risk transactions in customer accounts. The high-risk transactions included foreign currency wire transfers at UBSFS, and transactions in low-priced equity securities, or “penny stocks,” at UBSS.
News Releases & Statements
WASHINGTON — The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for the Compliance Outreach Program for Municipal Advisors.
Second Annual Report Is the Latest Compliance Resource for Firms Resulting from FINRA360
WASHINGTON – FINRA today published its 2018 Report on FINRA Examination Findings, its second annual report detailing observations from recent exams of firms. The report is the latest resource FINRA makes available to firms as a result of its ongoing organizational improvement initiative, FINRA360.
Military Spouse Fellows Support the Military Community as Accredited Financial Counselors® to Help Increase the Financial Capability of Military Families
WASHINGTON — The FINRA Investor Education Foundation (FINRA Foundation) has announced the recipients of the first annual awards to FINRA Foundation Military Spouse Fellows for outstanding service and dedication to military service members and their families.
WASHINGTON – FINRA announced today that it has fined LPL Financial, LLC $2.75 million for complaint-reporting and AML program failures that spanned a period of more than three years.
Board Approves Rule Proposals, Welcomes New Governor and Confirms Committee Appointments
WASHINGTON – FINRA’s Board of Governors met on Sept. 26-27 at FINRA’s offices in New York, where it approved four rule proposals, welcomed a new Governor and made several standing committee appointments.
New research finds millennials lack confidence making investment decisions, cite lack of investment knowledge as barrier to investing, and show limited interest in robo-advisors
NEW YORK – Conventional wisdom paints a picture of millennials as aggressive, knowledgeable, and confident when it comes to investing, but a new research study sponsored by CFA Institute and the FINRA Investor Education Foundation debunks common assumptions about millennial investors.
WASHINGTON – FINRA announced today that it plans to consolidate its Examination and Risk Monitoring Programs, integrating three separate programs into a single, unified program to drive more effective oversight and greater consistency, eliminate duplication and create a single point of accountability for the examination of firms. The effort is a result of FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative.
WASHINGTON – Today marks the start of World Investor Week 2018, as FINRA and the FINRA Investor Education Foundation (FINRA Foundation) join securities regulators and investor advocates around the globe to raise awareness about the importance of investor education and protection in recognition of the weeklong global campaign.
WASHINGTON – Starting Monday, October 1, FINRA will offer a new qualification exam—the Securities Industry Essentials (SIE)—for prospective candidates seeking to enter or re-enter the securities industry.
The SIE will assess a candidate’s knowledge regarding fundamental securities-related topics, including knowledge of basic products, the structure and function of the securities industry, the regulatory agencies and their functions, and regulated and prohibited practices.