Morgan Stanley Fined By FINRA
(RTTNews.com) - FINRA announced it has fined Morgan Stanley Smith Barney LLC$10 million for anti-money laundering program and supervisory failures. FINRA found that Morgan Stanley's AML program failed to meet the requirements of the Bank Secrecy Act. FINRA also found that Morgan Stanley failed to establish and maintain a supervisory system reasonably designed to comply with Section 5 of the Securities Act of 1933, which generally prohibits the offer or sale of unregistered securities.
"FINRA continues to find problems with the adequacy of some firms' overall AML programs, including allocation of AML monitoring responsibilities, data integrity in AML automated surveillance systems, and firm resources for AML programs," said Susan Schroeder, FINRA Executive Vice President, Department of Enforcement.
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