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FINRA Details Fines for Anti-Money Laundering Compliance Failures

By: ReleaseWire

October 21, 2022 at 14:20 PM EDT

This press release was orginally distributed by SBWire

Reykjavik, Iceland -- (SBWIRE) -- 10/21/2022 -- Anti-Money Laundering Compliance measures are being accelerated on a global level, including across North America. In the Fall this year, FINRA (Wall Street's self-regulator) announced that - for the first time - it was issuing guidance relating to member broker-dealers with respect to the potential penalties that could be exercised where firms are guilty of Anti-Money Laundering Compliance failures. Although it hasn't been confirmed by FINRA, it's thought that these new guidelines could be the first sign that the regulator is intending to intensify its anti-money laundering efforts - and expects member firms to do the same.

The size and scale of the penalties that FINRA could potentially impose depend on the size of the business in question. They will be used in some clearly identified situations, including where there has been a failure to do a reasonable amount of monitoring work to report suspicious transactions. Where that is found to be the case, a small firm could face a minimum penalty of $10,000 and a maximum penalty of $310,000. For medium and large sized firms, the minimum will be $50,000 and there will be no upper limit. These new guidelines are designed to improve transparency in an area that is often criticized for being opaque. Given the new clarity on the fines for Anti-Money Laundering Compliance failures it's clear that an increasingly hard line is likely to be taken with firms that don't put systems in place to try and combat rising money laundering threats. There is already plenty of evidence that FINRA fully intends to follow through on these guidelines - it has previously fined Interactive Brokers $15 million, Morgan Stanley $10 million and BNP Paribas $15 million. If violations happen again then expect those figures to go up.

Given the complexity that can surround Anti-Money Laundering Compliance it's clear that there is a need for just this kind of transparency. This is an approach that Lucinity is helping to support with software that is designed to make it easier for enterprises to protect against money laundering risk. The software includes sophisticated transaction monitoring in order to gain a more holistic view of customers and also has a number of other benefits, including improving organization-wide productivity. The intention behind the Lucinity software is to empower firms to take clear steps to draw a line in the sand where money laundering is concerned. That's especially so as money laundering is a crime that fuels other crimes.

Lucinity was established in 2018 and has since grown its network across Europe, North America and internationally. As well as an office in New York, Lucinity has others in London, Brussels and Reykjavik. The software produced by Lucinity is created to be accessible to all businesses, large or small and to help all avoid the penalties for Anti-Money Laundering Compliance failures, like those that are going to be imposed by FINRA. Lucinity's speedy growth in recent years has been supported by a robust company culture that includes a focus on core values such as the pursuit of excellence with humility and integrity and shared intelligence.

About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.

By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.

Lucinity operates globally, with headquarters in Reykjavik, and serves customers ranging from Tier-1 banks to FinTechs.

Company Quote

Founder and CEO, Gudjmundur Kristjansson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.

Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.

We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good."

To find out more information about Anti-Money Laundering Compliance visit https://www.lucinity.com

Lucinity are regular attendees at Anti-Money Laundering and Fin Tech Conventions around the world. To find out about upcoming Lucinity events visit https://www.lucinity.com/events

For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.

For all other enquiries please contact Lucinity at https://www.lucinity.com/contact

- For more information about Lucinity services, please go to https://www.lucinity.com.

- Lucinity is an AML software company, founded in 2018, with offices in Reykjavik, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.

For more information on this press release visit: http://www.sbwire.com/press-releases/finra-details-fines-for-anti-money-laundering-compliance-failures-1365461.htm

Media Relations Contact

Steve Pailthorpe
Email: Click to Email Steve Pailthorpe
Web: https://www.lucinity.com/

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