Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

US Brings First Criminal AML Case Against Broker-Dealer

 

February 1, 2019



In a stark message, Justice Department prosecutors have brought the first criminal case for anti-money laundering violations against a broker-dealer. Central States Capital Markets, LLC (Central States) agreed to pay a $400,000 penalty and entered into a deferred prosecution agreement (DPA) with the US Attorney’s Office for the Southern District of New York for violating the bank Secrecy Act.

As set forth in the court filings, Con December 10, 2018 (here) Central States failed to comply with its customer identification procedures (CIP), failed to investigate and file Suspicious Activity Reports (SARs) and failed to monitor and follow up on red flag transactions.

https://www.jdsupra.com/legalnews/us-brings-first-criminal-aml-case-97301/

 

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