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The self-regulatory organization (SRO) has fined the firm $2.75 million, alleging that LPL’s AML and complaint-reporting processes failed.
Boston-based LPL Financial has been fined $2.75 million by the Financial Industry Regulatory Authority (FINRA) on charges that, among other problems, its anti-money laundering (AML) efforts failed to assess approximately 400 incidents that should have been investigated as Suspicious Activity Reports (SARs). In addition, FINRA alleges that LPL “failed to file or amend registered representatives’...
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