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OTC Link LLC, a New York-based broker-dealer, has agreed to pay $1.19 million to settle SEC charges that it failed to file numerous reports of suspicious financial transactions (SARs) for a period of more than three years, according to an SEC news release.
The SEC’s order finds that, from March 2020 through May 2023, OTC Link failed to adopt or implement reasonably designed anti-money laundering (AML) policies and procedures to surveil transactions conducted through its three alternative trading systems (ATSs) for possible red flags of suspicious activity. As a result, OTC Link did not file a single SAR over this time period. The three ATSs are used by broker-dealers on a daily basis to execute or facilitate tens of thousands of transactions in over-the-counter (OTC) securities, many of which are considered microcap or penny stock securities.
Without admitting or denying the SEC’s findings, OTC Link agreed to a censure and a cease-and-desist order in addition to the $1.19 million penalty. The SEC’s order also directs OTC Link to continue its engagement of a compliance consultant to review and recommend changes to the firm’s AML policies and procedures.
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First published on:
08/14/2024
Filed under:
Compliance
Operations
Security
Technology
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From the NewsWire
Penalties View All
- Flood
- BSA/AML
- Other Civil Money
- FDIC
- FRB
- OCC
- NCUA
$447,125
Oriental Bank pays $447,125 for flood insurance violations
Issued by FDIC
$1,500
Spring Valley Bank pays $1,500 for flood insurance rules violations
Issued by FDIC
$13,000
CNB Bank pays $13,000 for flood insurance rules violations
Issued by FDIC
$80,500
Guaranty Bank and Trust pays $80,500 flood insurance penalty
Issued by FDIC
$2,000
Collins State Bank pays $2,000 for flood insurance violations
Issued by FDIC
$4,800
North Shore Bank of Commerce pays $4,800 for flood insurance violations
Issued by FRB
$9,600
Select Bank pays $9,600 for flood insurance violations
Issued by FRB
$2,945,500
Regions Bank pays $2.95M for flood insurance violations
Issued by FRB
$105,500
Deutsche Bank Trust Company Americas pays flood penalty
Issued by FRB
$41,500
Customers Bank pays $41,500 flood insurance penalty
Issued by FRB
$2,614,456
PNC Bank, NA, pays $2.6M for flood insurance violations
Issued by OCC
$3,620,000
Michigan bank pays $3.6 million for flood insurance penalties
Issued by OCC
$40,500
Washington Federal pays flood penalty
Issued by OCC
$193,105.50
The Federal Savings Bank pays $193K flood penalty
Issued by OCC
$382,500
USAA FSB pays $382,500 flood insurance penalty
Issued by OCC
- FinCEN
- FDIC
- FRB
- OCC
- Other
$100,000
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Issued by FinCEN
$25 million
Shinhan Bank America fined $25M by FDIC, FinCEN, and NYSDFS
Issued by FDIC, FinCEN, State Agency
$15 million
Puerto Rican IBE pays $15M for willful BSA violations
Issued by FinCEN
$1,500,000
Kingdom Trust Company pays $1.5M BSA penalty
Issued by FinCEN
$5,000,000 (net)
Bittrex, Inc., fined $5M for BSA Act violations
Issued by FinCEN
$600,000
Bank of Morton ordered to pay $600,000 for BSA violations
Issued by FDIC
$25 million
Shinhan Bank America fined $25M by FDIC, FinCEN, and NYSDFS
Issued by FDIC, FinCEN, State Agency
$7,500,000
Bancorp Bank pays BSA/AML penalty
Issued by FDIC
$225,000
California Pacific Bank to pay BSA/AML penalty
Issued by FDIC
$1,250,000
Alma Bank - BSA/AML penalty
Issued by FDIC
$29,478,676
Metropolitan Commercial Bank fined $29.5M for CIP and vendor risk deficiencies
Issued by FRB, State Agency
$55.4 million
National Bank of Pakistan pays $55.4M for AML violations
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$15 million
U.S. Bancorp pays $15M for BSA/AML failures
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$29 million
Mega International Commercial Bank pays $29M BSA penalty
Issued by FRB, State Agency
$41 million
Deutsche Bank AG to pay $41M penalty for AML deficiencies
Issued by FRB
$6,000,000
Sterling Bank and Trust FSB pays $6 million for failings
Issued by OCC
$9 million
CommunityBank of Texas fined for BSA/AML violations
Issued by FinCEN, OCC
$2,500,000
Washington Federal Bank pays $2.5M BSA/AML penalty
Issued by OCC
$39,000
NJ bank director and BSA officer pay for BSA violations
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$5,000,000
First Abu Dhabi Bank USA pays BSA/AML penalty
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$38 million
Interactive Brokers LLC paying $38M for BSA/AML failures
Issued by SEC, FINRA
$12,500,000
Bank of China NY Branch gets BSA fine
$1,300,000
Aegis Capital assessed $1.3 million for SAR filing failures
Issued by FINRA, SEC
$16.5 million
FINRA fines Credit Suisse Securities $16.5M for AML faults
Issued by FINRA
$300,000
Issued by SEC
$7,452,501
State Street settles for $7.5M penalty with OFAC
Issued by OFAC
$6,097.72
Utah bank fined for failure to pay FDIC assessment
Issued by FDIC
$250,000,000
OCC fines JPMorgan Chase Bank, N.A. for inadequate monitoring
Issued by OCC
$98,167,980
Issued by FRB
$65 million
City National Bank pays $65M for systemic deficiencies
Issued by OCC