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Industry regulators have fined US financial advisory firm Raymond James $17 million, accusing it of widespread failures in its money laundering controls

25 May 2016

The United States’ Financial Industry Regulatory Authority (FINRA) said it was the biggest fine it had imposed for shortcomings in anti-money laundering programmes. It added that the firm had failed over several years to detect and report suspicious activity in client accounts.

Raymond James’s former compliance officer for anti-money laundering programmes, Linda Busby, was fined $25,000 and suspended  for three months. The firm had already been fined $400,000 in 2012 for the same problems with money laundering controls.


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