The US Financial Industry Regulatory Authority (FINRA) has handed down $900,000 in fines to three separate firms.

FINRA imposed the penalties after it found the firms had not put in place proper anti-money laundering (AML) programs and systems.

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Atlas One Financial Group, a Miami based securities broker dealer which provides private banking services, was hit hardest with a $350,000 fine.

FINRA found Atlas One had failed to investigate or identify numerous AML "red flags" between February 2007 and May 2011.

In one instance, the US department of justice (DOJ) froze six accounts controlled by one customer in relation to money laundering, yet Atlas One had failed to investigate or scrutinise accounts held in the same name, but outside of the DOJ case.

The group were also found to have allowed millions of dollars to move through accounts without properly reporting or investigating suspicious activity.

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FINRA also fined and suspended Napoleon Arturo Aponte, Atlas One’s former chief compliance officer and AML compliance officer, for his failure to monitor suspicious activity and AML red flags.

Further fines

Firstrade Securities, Inc an online brokerage firm, was also fined $300,000 for failing to run a effective AML program, while World Trade Financial Corporation (World Trade) a securities broker-dealer was fined $250,000 and three executives suspended.

FINRA’s Brad Bennett said: "Today’s actions reinforce FINRA’s continued focus on firms’ ability to identify and respond to potential misuse and abuse of the markets.

"Firms must have adequate AML and supervisory systems in place to detect and report suspicious transactions."

All three firms neither admitted nor denied the charges, but allowed the rulings to be recorded by FINRA undisputed.