Article: FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops

Article - Media, Publications

FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops

Al Barbarino, 20 April 2021

The recent overhaul of federal anti-money laundering laws could drive small- and mid-sized antiquities and art shops out of business over what some experts believe are overblown links to terrorist financing and other illicit activity.

The rules in the works at the Financial Crimes Enforcement Network through the National Defense Authorization Act for fiscal year 2021 aim to uncover what lawmakers have argued is a billion-dollar industry for the illicit trade of antiques and fine art.

But if small businesses aren’t exempt, the rules would weaken a sector of the industry that is still reeling from the impacts of COVID-19 with costly and time-consuming reporting requirements, industry attorneys said. Continue reading “Article: FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops”

Article: FINRA Fines Credit Suisse $345K For Worker Oversight Lapse

Article - Media, Publications

FINRA Fines Credit Suisse $345K For Worker Oversight Lapse

Al Barbarino, 06 April 2021

Credit Suisse Securities failed to monitor thousands of its employees’ outside brokerage accounts for “potentially deceptive” trading practices, according to a Financial Industry Regulatory Authority settlement that censures the broker-dealer and slaps it with a $345,000 fine.

The New York-based subsidiary of Credit Suisse Group failed to adequately track whether its new employees had disclosed outside brokerage accounts, according to the settlement, which was published Monday. Continue reading “Article: FINRA Fines Credit Suisse $345K For Worker Oversight Lapse”

Article: SEC Puts Brokers On Notice For Money Laundering Concerns

Article - Media, Publications

SEC Puts Brokers On Notice For Money Laundering Concerns

Al Barbarino, 31 March 2021

The U.S. Securities and Exchange Commission isn’t satisfied with the way broker-dealers are responding to and reporting suspicious activities, and a wave of enforcement actions could follow if these regulated entities don’t fall in line with the agency’s latest warning on the matter, industry attorneys say.

Redoubling its efforts to keep brokers in check when it comes to their anti-money laundering, or AML, obligations, the agency in a Monday risk alert sought to “remind” the regulated entities of their duties to report suspicious activities tied to penny stocks, unregistered securities and other high-risk transactions that have swelled up amid COVID-19.  Continue reading “Article: SEC Puts Brokers On Notice For Money Laundering Concerns”

Article: FINRA GameStop Probe May Put Firms’ Compliance In Focus

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FINRA GameStop Probe May Put Firms’ Compliance In Focus

Al Barbarino, 09 February 2021

The Financial Industry Regulatory Authority is likely investigating the social media activity of brokers tied to the GameStop stock-trading frenzy, which could ultimately lead to scrutiny of firms’ supervisory procedures and require fine-tuning of their compliance policies.

The erratic trading that sent GameStop’s share price soaring to a high of $483 on Jan. 28 before crashing down was fueled in part by a Reddit board where users promoted the stock to counter Wall Street firms that had bet against it. After weeks of wild fluctuations, the stock closed Tuesday at just over $50.  Continue reading “Article: FINRA GameStop Probe May Put Firms’ Compliance In Focus”