LPL Settles SEC Anti-Money Laundering Case for $18 Million (1)

Broker-dealer LPL Financial LLC failed to comply with its own policies on cannabis-related money and foreign accounts, violating key anti-money laundering rules, the US Securities and Exchange Commission said Friday.

The firm, without admitting or denying the regulator’s claims, agreed to pay $18 million to settle the allegations. It also agreed to hire a compliance consultant.

“We cooperated with the SEC’s investigation and have taken proactive steps to enhance AML policies and procedures,” an LPL spokesperson said. “We take our regulatory obligations seriously and are pleased to resolve this matter.”

The problems stretched from May 2019 through December 2023, ...