Sanctuary Securities, Inc. has agreed to pay a fine of $150,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From January 2022 to July 2024, Sanctuary Securities failed to develop and implement an anti-money laundering (AML) program reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (31 U.S.C. § 5311, et seq.) (BSA) and its implementing regulations.
In addition, the firm failed to conduct an adequate independent test of its AML program in 2022.
As a result, Sanctuary Securities violated FINRA Rules 3310 and 2010.
For these violations, Sanctuary Securities is censured, fined $150,000, and agreed to an undertaking to certify that it has remediated its AML policies and procedures.
Sanctuary Securities has been a FINRA member since 1939. The firm is headquartered in Indianapolis, Indiana, and has approximately 80 branch offices and…
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