Credit Suisse Securities (USA) has been fined $16.5m by the Financial Industry Regulatory Authority (FINRA) for anti-money laundering (AML), supervision and other deficiencies.

FINRA accused the firm of failing to effectively review trading for AML reporting from January 2011 through September 2013, and mainly relying on its registered representatives to identify and report suspicious trading.

The regulator also alleged that the firm’s automated surveillance system to monitor suspicious transactions was not properly implemented as several data feeds were missing information or had  issues compromising the system’s effectiveness.

FINRA also found that the company lacked sufficient staffing to review the numerous alerts that the automated system generated in a year.  

FINRA executive vice president and chief of enforcement Brad Bennett said: "It’s critical that firms have effective AML systems in place so that they can comply with their obligations to review and report suspicious transactions, including those involving trading in microcap securities or potentially suspicious money transfers.”

Credit Suisse agreed to the settlement with FINRA without admitting or denying the charges.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.