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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

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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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