CICC US Securities, Inc. has agreed to pay a fine of $300,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
Between at least February 2019 and February 2020, CICC US failed to develop and implement an anti-money laundering (AML) compliance program and establish, maintain and enforce a supervisory system including written supervisory procedures (WSPs) reasonably designed to detect and cause the reporting of potentially suspicious activity in violation of FINRA Rules 3310(a) and 2010.
CICC US’s AML compliance program was not reasonably designed in light of the firm’s customers and business model to achieve compliance with the requirements of the Bank Secrecy Act (BSA), and implementing regulations promulgated by the Department of the Treasury, including the obligation to report suspicious activity. This…
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