Clearing Firm Agrees to $1 Million Fine To Settle FINRA Charges Over AML Program

Clearing firm COR Clearing LLC agreed Dec. 16 to pay $1 million to settle Financial Industry Regulatory Authority allegations of “numerous failures” in its anti-money laundering, financial reporting and supervisory obligations, including a “near-complete collapse” of its AML program in 2012 (In re Legent Clearing LLC).

The self-regulatory authority said it identified the violations during multiple examinations of COR, formerly known as Legent Clearing LLC, between 2009 and 2013. Many of the alleged violations recurred year after year, the SRO said. The firm provides clearing services for 86 correspondent firms.

FINRA said microcap stock fraud and anti-money laundering ...