FINRA Cracks Down on Firms Failing to Respond to Red Flags for Suspicious Activity

Block & Landsman by Block & Landsman

The Financial Industry Regulatory Authority (FINRA) has expanded its battle against financial firms that fail to respond to red flags indicating suspicious activity in customer accounts.  The latest target is a clearing firm, COR Clearing, LLC (formerly known as Legent Clearing, LLC), which was recently hit with a $1 million fine to a clearing firm for failing to detect suspicious account activity. FINRA’s action underscores the heightened responsibility that regulators impose on so-called gatekeepers in the securities markets to impleme...Read More